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File #: 22-00503    Version: 1
Type: Administrative Item Status: Agenda Ready
File created: 5/20/2022 In control: BOARD OF SUPERVISORS
On agenda: 5/31/2022 Final action: 5/31/2022
Title: Consider recommendations regarding the substitution of collateral property and Second Addendum to the Funding Agreement for AB 2034 One-Time Housing Funds to Transitions - Mental Health Association, as follows: a) Approve the substitution of collateral property currently located at 117 W. Tunnell Street in Santa Maria, CA (Tunnell St.) with replacement collateral property located at 1114 S. Broadway in Santa Maria, CA (Broadway), which secures an existing loan in the amount of $125,000.00 of AB 2034 one-time housing grant funds to Transitions - Mental Health Association (the "AB 2034 Loan") to provide affordable housing in the City of Santa Maria with three project units/beds dedicated for a term of thirty (30) years for qualified mentally ill adult clients of the County of Santa Barbara; b) Approve and authorize the Chair and the Director of Behavioral Wellness to execute a Second Addendum (Second Addendum) to the Funding Agreement for AB 2034 One Time Housing Funds Between the Coun...
Sponsors: BEHAVIORAL WELLNESS DEPARTMENT
Attachments: 1. Board Letter, 2. Attachment A - Transaction Summary, 3. Attachment B - Funding Agreement, 4. Attachment C - First Addendum to Funding Agreement, 5. Attachment D - Second Addendum to Funding Agreement, 6. Attachment E - Amended and Restated Promissory Note, 7. Attachment F - Deed of Trust and Assignment of Rents (Broadway), 8. Attachment G - Substitution of Trustee and Deed of Full Reconveyance, 9. Executed Amendment, 10. Minute Order
Title
Consider recommendations regarding the substitution of collateral property and Second Addendum to the Funding Agreement for AB 2034 One-Time Housing Funds to Transitions - Mental Health Association, as follows:

a) Approve the substitution of collateral property currently located at 117 W. Tunnell Street in Santa Maria, CA (Tunnell St.) with replacement collateral property located at 1114 S. Broadway in Santa Maria, CA (Broadway), which secures an existing loan in the amount of $125,000.00 of AB 2034 one-time housing grant funds to Transitions - Mental Health Association (the "AB 2034 Loan") to provide affordable housing in the City of Santa Maria with three project units/beds dedicated for a term of thirty (30) years for qualified mentally ill adult clients of the County of Santa Barbara;

b) Approve and authorize the Chair and the Director of Behavioral Wellness to execute a Second Addendum (Second Addendum) to the Funding Agreement for AB 2034 One Time Housing Funds Between the County of Santa Barbara and Transitions - Mental Health Association (the "Funding Agreement") (together, the "Funding Agreement and Second Addendum");

c) Approve and accept an Amended and Restated Promissory Note on Broadway, in a form and content substantially similar to Attachment E included with the Board Letter, that reflects the above-described substitution of collateral;




d) Approve and accept a Deed of Trust on the Broadway facility, in form and content substantially similar to Attachment F included with the Board Letter, which will serve as substitute collateral securing performance of the Funding Agreement and Addendum and Amended and Restated Promissory Note;

e) Approve and authorize the Director of Behavioral Wellness to execute a Substitution of Trustee and Deed of Full Reconveyance, in a form substantially similar to Attachment G included with the Board Letter, which will release the deed of trust on the Tunnell St. property; and

f) Determine that the recommen...

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