Title
Consider recommendations regarding a Substantial Amendment to Santa Barbara County's 2019, 2020, and 2021 Action Plans adding $2,000,000.00 in HOME funds to the Village Senior Apartments Project, and Project Loan Documents with The Village Senior LP, a California limited partnership, Third District, as follows:
a) Approve a Substantial Amendment to the 2019, 2020 and 2021 Annual Action Plans, which adds $2,000,000.00 in HOME funds for a Project loan (County Loan) to The Village Senior LP (Borrower), and direct staff to submit the Substantial Amendment to the U.S Department of Housing and Urban Development (HUD);
b) Approve a Loan Agreement with Borrower and Promissory Note in the original principal amount of $2,000,000.00 evidencing the County Loan from the County to Borrower in the amount of $2,000,000.00, a Deed of Trust to be recorded against the Project securing the Note, and a Regulatory Agreement setting forth restrictions governing future Project operations as a condition of the County Loan (the "Regulatory Agreement" and together with the Loan Agreement, Note, and Deed of Trust, collectively, the "County Loan Documents"), and direct the Chair of the Board to execute the Loan Agreement, and the Regulatory Agreement;
c) Approve and authorize the Chair to execute a Project Subordination Agreement wherein the County agrees to Subordinate its Project Loan to a Project construction loan (Banner Loan) provided to Borrower by Banner Bank (Banner Bank Subordination Agreement);
d) Approve and authorize the Chair to execute a Project Subordination Agreement wherein the County agrees to subordinate the County Loan to a $3,960,000.00 Project loan (the "HHC Loan" and, together with the Banner Loan, collectively, the "Senior Loans") provided to Borrower by the State of California Department of Housing and Community Development (State HCD) under its Housing for a Healthy California (HHC) Program (HHC Subordination Agreement and, together with the Banner Bank S...
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