File #: 17-00615    Version: 1
Type: Agenda Item Status: Passed
File created: In control: BOARD OF SUPERVISORS
On agenda: 8/22/2017 Final action: 8/22/2017
Title: Consider recommendations regarding approval of a Subordination Agreement to a permanent loan to Solvang Senior Apts., Third District, as follows: a) Approve and authorize the Chair to execute the Subordination Agreement that subordinates: a) the County HOME Loan Promissory Note; b) the County HOME Loan Deed of Trust, Assignment of Rents, and Security Agreement that secures the County HOME Loan Agreement; and c) the County HOME Loan Regulatory Agreement and Declaration of Restrictive Covenants, to a deed of trust securing a loan from Bonneville Mortgage Company; and b) Determine that the approval and execution of the Subordination Agreement is not a project that is subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines section 15378(b)(4), finding that the actions are not a project as they are the creation of government funding mechanisms or other government fiscal activities which do not involve any commitment to any specific...
Sponsors: COMMUNITY SERVICES DEPARTMENT
Attachments: 1. Board Letter, 2. Attachment A Bonneville Mortgage Company Subordination Agreement, 3. Attachment B CEQA NOE

Title

Consider recommendations regarding approval of a Subordination Agreement to a permanent loan to Solvang Senior Apts., Third District, as follows:

 

a) Approve and authorize the Chair to execute the Subordination Agreement that subordinates: a) the County HOME Loan Promissory Note; b) the County HOME Loan Deed of Trust, Assignment of Rents, and Security Agreement that secures the County HOME Loan Agreement; and c) the County HOME Loan Regulatory Agreement and Declaration of Restrictive Covenants, to a deed of trust securing a loan from Bonneville Mortgage Company; and

 

b) Determine that the approval and execution of the Subordination Agreement is not a project that is subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines section 15378(b)(4), finding that the actions are not a project as they are the creation of government funding mechanisms or other government fiscal activities which do not involve any commitment to any specific project which may result in a potentially significant impact on the environment, and direct staff to file a Notice of Exemption.