HomeMy WebLinkAboutMINUTES - 08061985 - 1.3 (2) TO: BOARD OF SUPERVISORS
Contra
FROM: Anthony A. Dehaesus
Director of Community Development Costa
DATE: July 23, 1985 Ntl, 'County
SUBJECT: Approval of the Eleventh Year (1985-86) Community Development
Block Grant (CDBG) Agreement; Eugene A_-and Barbara Anton 'Grillo
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize the Chairwoman to execute the Eleventh Year CDBG Program Project Agreement
with Eugene A and Barbara Anton. Grillo with a payment limit of $17,500, for activity
11-33. 1 .' -
FINANCIAL IMPACT:
100% Federal Funds (HUD).
BACKGROUND:
On January 15, the Board approved the use of Block Grant funds in the form of subordinate
loans in. conjunction with certain developments in the Multi-Family Revenue Bond "Pooled
Development" program. The 10-unit Grillo GardenlApartments, located in Danville, are
funded by the County and the Housing Authority for 17,500 each for a total of $35,000.
These funds will pay for; .fees pursuant .to the securement of a loan of mortgage revenue
bond funds and fees associated with the issuance of mortgage revenue bonds. These funds
will enable the project to proceed which would not otherwise meet the underwriting stan-
dards of World Savings which establishes a maximum loan amount it will originate.
CONTINUED ON ATTACHMENT: YES SIGNA R
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOM ENDAT N OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S) \
ACTION OF BOARD ON 777 APPROVED AS RECOMMENDED OTHER
r
VOTE OF SUPERVISORS "
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN:. 'AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
CC: Community. Development ATTESTED
CAO
Audi tor-Control 1 er PHIL BATC LOR, CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
Gounty Counsel
Contractor -
M5e2/7-83 BY , DEPUTY