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Consider recommendations regarding the 2023 Homekey Program Application, First District, as follows:
a) Approve a no-interest loan to The Turner Foundation - Since 1958 (The Turner Foundation) in the amount of $90,000.00 from the First District, 990 Fund 0001 (Loan) for use as an earnest money deposit for the acquisition of that certain real property located at 2011 Oak Avenue, Santa Barbara, CA 93101 (Project) using Round 3 Homekey Program grant funding from the State of California Department of Housing and Community Development (Homekey Funding), which Loan is to be memorialized, and subject to terms and conditions set forth, in a Promissory Note (Promissory Note), and subject to immediate repayment in the event that (i) The Turner Foundation's application for such Homekey Funding is not granted by the State of California Department of Housing and Community Development, or (ii) The Turner Foundation fails to duly execute and record, as appropriate, loan documents approved by the Board of Supervisors memorializing a loan by the County to The Turner Foundation of Homekey matching funds, including a loan agreement, promissory note, deed of trust, and regulatory agreement (Homekey Matching Loan Documents) within 30 days of The Turner Foundation's application for such Homekey Funding being granted by the State of California Department of Housing and Community Development, and which Homekey Matching Loan Documents include the Loan as amended to be subject to the terms and conditions of such Homekey Matching Loan Documents;
b) Find that the foregoing recommended action constitutes the financing or assisting in the financing of the acquisition of real property to be owned and operated by a nonprofit corporation to carry out a program deemed by the Board of Supervisors to be necessary to meet the social needs of the population of the County pursuant to Government Code Section 26227; and
c) Determine that the recommended actions are exempt from the California E...
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