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Consider recommendations regarding a Community Development Block Grant Agreement and Restrictive Covenant with Santa Barbara Student Housing Cooperative, Incorporated, Third District, as follows:
a) Approve and authorize the Chair to execute a Community Development Block Grant (CDBG) Grant Agreement ("Agreement") and Regulatory Agreement and Declaration of Restrictive Covenants ("Covenant") with the Santa Barbara Student Housing Cooperative ("SBSHC") for $175,000.00 in federal CDBG funds to convert a commercial building to 12 single rental housing rooms for low- and moderate-income students, which funds were approved by the Board as part of the Fiscal Year 2010/11 Annual Action Plan;
b) Direct Community Services Department staff to record the Covenant; and
c) Determine that the approval and execution of the Agreement and Covenant are exempt from the State Guidelines for the Implementation of the California Environmental Quality Act ("CEQA") pursuant to Section 15301, which consists of the operation, repair, maintenance, permitting, leasing, licensing, or minor alteration of existing public or private structures, facilities, mechanical equipment, or topographical features, involving negligible or no expansion of existing use; and approve the filing of a Notice of Exemption on that basis.