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File #: 21-00546    Version: 1
Type: Administrative Item Status: Agenda Ready
File created: 6/4/2021 In control: BOARD OF SUPERVISORS
On agenda: 6/15/2021 Final action: 6/15/2021
Title: Consider recommendations regarding the approval of a Subordination Agreement on Central Plaza affordable housing project, Fifth District, as follows: a) Approve and authorize the Director of the Community Services Department, or designee, to execute, on behalf of the County, a Subordination Agreement, subject to County Counsel concurrence, that subordinates the County's Permanent Deed of Trust, Assignment of Rents and Security Agreement recorded on March 31, 2005, as Instrument No. 2005-0029589 in Official Records to a Deed of Trust securing PacWest's Construction and Permanent Loan for the Property in an amount up to $35,000,000.00; and b) Determine that the recommended action is not the acceptance and approval of 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 project is a creation of government funding mechanisms or other government fiscal activities, which do ...
Sponsors: COMMUNITY SERVICES DEPARTMENT
Attachments: 1. Board Letter, 2. Attachment A: PacWest Subordination Agreement, 3. Minute Order

Title

Consider recommendations regarding the approval of a Subordination Agreement on Central Plaza affordable housing project, Fifth District, as follows:

 

a) Approve and authorize the Director of the Community Services Department, or designee, to execute, on behalf of the County, a Subordination Agreement, subject to County Counsel concurrence, that subordinates the County’s Permanent Deed of Trust, Assignment of Rents and Security Agreement recorded on March 31, 2005, as Instrument No. 2005-0029589 in Official Records to a Deed of Trust securing PacWest’s Construction and Permanent Loan for the Property in an amount up to $35,000,000.00; and

 

b) Determine that the recommended action is not the acceptance and approval of 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 project is a 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 physical impact on the environment.