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Acting as the Board of Directors, Redevelopment Agency:
Consider recommendations regarding a public-private partnership for six affordable housing units in downtown Isla Vista, Third District, as follows:
a) Approve and authorize the Chair to execute the First Amendment to the Owner Participation Agreement with Paradise Ivy, LLC (‘Developer’), a limited liability company, that includes a $717,000.00 loan of Isla Vista Project Area Redevelopment Agency Affordable Housing Funds for the development of six studio housing units affordable to low-income residents, located at 909 Embarcadero del Mar in Isla Vista; and
b) Authorize the Agency Executive Director to execute a Subordination of Deed of Trust, which will result in the Agency’s loan becoming subordinate to the developer’s construction loan and subsequent permanent financing, from Wells Fargo Bank, National Association in a form approved by County Counsel.
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