File #: 10-00539    Version: 1
Type: Agenda Item Status: Passed
File created: 6/4/2010 In control: BOARD OF SUPERVISORS
On agenda: 6/15/2010 Final action: 6/15/2010
Title: Acting as the Board of Directors, Redevelopment Agency: Consider recommendations regarding a public-private partnership for six affordable housing units in downtown Isla Vista, Third District, as follows: a) Approve and authorize the Chair to execute the First Amendment to the Owner Participation Agreement with Paradise Ivy, LLC (‘Developer’), a limited liability company, that includes a $717,000.00 loan of Isla Vista Project Area Redevelopment Agency Affordable Housing Funds for the development of six studio housing units affordable to low-income residents, located at 909 Embarcadero del Mar in Isla Vista; and b) Authorize the Agency Executive Director to execute a Subordination of Deed of Trust, which will result in the Agency’s loan becoming subordinate to the developer’s construction loan and subsequent permanent financing, from Wells Fargo Bank, National Association in a form approved by County Counsel.
Sponsors: COUNTY EXECUTIVE OFFICE, BOARD OF DIRECTORS, REDEVELOPMENT AGENCY
Attachments: 1. Board Letter, 2. Draft First Amendment with Paradise Ivy, LLC

Title

 

Acting as the Board of Directors, Redevelopment Agency:

 

Consider recommendations regarding a public-private partnership for six affordable housing units in downtown Isla Vista, Third District, as follows:

 

a) Approve and authorize the Chair to execute the First Amendment to the Owner Participation Agreement with Paradise Ivy, LLC (‘Developer’), a limited liability company, that includes a $717,000.00 loan of Isla Vista Project Area Redevelopment Agency Affordable Housing Funds for the development of six studio housing units affordable to low-income residents, located at 909 Embarcadero del Mar in Isla Vista; and

 

b) Authorize the Agency Executive Director to execute a Subordination of Deed of Trust, which will result in the Agency’s loan becoming subordinate to the developer’s construction loan and subsequent permanent financing, from Wells Fargo Bank, National Association in a form approved by County Counsel.