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File #: 22-00107    Version: 1
Type: Administrative Item Status: Agenda Ready
File created: 1/27/2022 In control: BOARD OF SUPERVISORS
On agenda: 2/8/2022 Final action: 2/8/2022
Title: Consider recommendations regarding the approval and execution of a Subordination Agreement, subordinating a County of Santa Barbara, as successor agency to the former County of Santa Barbara Redevelopment Agency, loan to a cash-out refinancing loan to Timothy John Werner and Richard Paul Gilman, Trustee of the Richard Paul Gilman 2017 Family Trust, for the Paradise Ivy, LLC Plaza Lofts, as follows: a) Approve and authorize the Chair to execute a subordination agreement that subordinates a $717,000.00 loan by the County of Santa Barbara, as successor agency to the former County of Santa Barbara Redevelopment Agency, to a cash-out refinancing loan by American Riviera Bank, in the amount of $9,900,000.00 for a multi-family residential property at 901 Embarcadero del Mar, Goleta (Isla Vista), APN: 075-112-016; and b) Determine that the above recommended action is not a project that is subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA G...
Sponsors: COMMUNITY SERVICES DEPARTMENT
Attachments: 1. Board Letter, 2. Attachment A - American Riviera Bank Subordination Agreement, 3. Executed Agreement, 4. Minute Order

Title

Consider recommendations regarding the approval and execution of a Subordination Agreement, subordinating a County of Santa Barbara, as successor agency to the former County of Santa Barbara Redevelopment Agency, loan to a cash-out refinancing loan to Timothy John Werner and Richard Paul Gilman, Trustee of the Richard Paul Gilman 2017 Family Trust, for the Paradise Ivy, LLC Plaza Lofts, as follows:

 

a) Approve and authorize the Chair to execute a subordination agreement that subordinates a $717,000.00 loan by the County of Santa Barbara, as successor agency to the former County of Santa Barbara Redevelopment Agency, to a cash-out refinancing loan by American Riviera Bank, in the amount of $9,900,000.00 for a multi-family residential property at 901 Embarcadero del Mar, Goleta (Isla Vista), APN: 075-112-016; and

 

b) Determine that the above recommended action 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 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.