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File #: 18-00684    Version: 1
Type: Agenda Item Status: Passed
File created: In control: BOARD OF SUPERVISORS
On agenda: 8/28/2018 Final action: 8/28/2018
Title: Consider recommendations regarding a Mental Health Service Act (MHSA) Housing Program Loan to The Residences at Depot Street, L.P., for The Residences at Depot Street in Santa Maria, Fifth District, as follows: a) Approve a 55-year loan of unencumbered MHSA Housing Program funds in the amount of $2,410,379.91 to The Residences at Depot Street, L.P. (a California Domestic Limited Partnership) for development of an eighty (80) unit affordable rental housing project at 201 and 205 North Depot Street in the City of Santa Maria with thirty-five (35) units dedicated for a term of thirty-five (35) years for qualified MHSA tenants (MHSA Loan) and authorize the Chair of the Board of Supervisors and the Director of Behavioral Wellness to execute the following documents: i) MHSA Depot Loan Agreement; ii) MHSA Depot Deed of Trust; iii) MHSA Depot Promissory Note; and iv) MHSA Depot Regulatory Agreement (together, the MHSA Loan Documents); b) Approve and authorize the Chair of the Board a...
Sponsors: BEHAVIORAL WELLNESS DEPARTMENT
Attachments: 1. Board Letter, 2. MHSA Depot Loan Agreement, 3. MHSA Depot Deed of Trust, 4. MHSA Depot Promissory Note, 5. MHSA Depot Regulatory Agreement, 6. MHSA Standard Indeminifcation and Insurance Provisions, 7. MHSA Depot Subordination Agreement, 8. MHSA Depot Amended and Restated MOU, 9. MHSA Depot Supportive Services Agreement, 10. CEQA Depot Mitigated Negative Declaration
Title
Consider recommendations regarding a Mental Health Service Act (MHSA) Housing Program Loan to The Residences at Depot Street, L.P., for The Residences at Depot Street in Santa Maria, Fifth District, as follows:

a) Approve a 55-year loan of unencumbered MHSA Housing Program funds in the amount of $2,410,379.91 to The Residences at Depot Street, L.P. (a California Domestic Limited Partnership) for development of an eighty (80) unit affordable rental housing project at 201 and 205 North Depot Street in the City of Santa Maria with thirty-five (35) units dedicated for a term of thirty-five (35) years for qualified MHSA tenants (MHSA Loan) and authorize the Chair of the Board of Supervisors and the Director of Behavioral Wellness to execute the following documents:

i) MHSA Depot Loan Agreement;

ii) MHSA Depot Deed of Trust;

iii) MHSA Depot Promissory Note; and

iv) MHSA Depot Regulatory Agreement (together, the MHSA Loan Documents);

b) Approve and authorize the Chair of the Board and the Director of Behavioral Wellness to execute a MHSA Depot Subordination Agreement, subordinating the County's MHSA Loan Documents to construction and permanent loans being provided to the project by Wells Fargo Bank, in an amount not to exceed $22,500,000.00;

c) Approve and authorize the Director of Behavioral Wellness to execute the amended and restated MHSA Memorandum of Understanding and the MHSA Supportive Services Agreement with the Residences at Depot Street L.P. and the Housing Authority of the County of Santa Barbara, regarding case management services provided to MHSA clients residing in the 35 designated MHSA units at the Residences at Depot Street Project throughout the term of the loan;

d) Find that the MHSA loan to support development of the Residences at Depot Street Project will be in the public interest by providing affordable housing options for MHSA-eligible clients; and

e) Consider the environmental effects of the project as shown in the Mitigated Ne...

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