Title
Consider recommendations regarding Redevelopment Agency Funding for Development of the Loop Project, Isla Vista, Third District, as follows: (4/5 Vote Required)
Acting as the Board of Directors, Redevelopment Agency:
a)Approve a five-year loan in the amount of $1,500,000.00 of Isla Vista Project Area Redevelopment Agency Housing Set-Aside funds for acquisition of land at 6533 and 6539 Trigo Road in Isla Vista, by D3 Partners, LLC, a California Limited Liability Company;
b) Approve and authorize the Chair of the Redevelopment Agency to execute a Loan Agreement and Regulatory Agreement with D3 Partners, LLC consistent with the terms set forth;
c) 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 in an amount not to exceed $12,000,000.00, in a form approved by County Counsel;
d) Find that the development of the project was analyzed in the Isla Vista Master Plan EIR and that none of the conditions set forth in CEQA Guideline 15162, which would require subsequent environmental analysis, have occurred; and
e) Approve a Budget Revision in the amount of $345,000.00; and
Acting as the Santa Barbara County Board of Supervisors:
f) Approve and authorize the Chair to execute the Sidewalk Improvement Reimbursement Agreement consistent with the terms set forth;
g) Approve a Budget Revision in the amount of $345,000.00; and
h) Find that the development of the sidewalk improvements was analyzed in the Isla Vista Master Plan EIR and that none of the conditions set forth in CEQA Guideline 15162, which would require subsequent environmental analysis, have occurred.