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.