HomeMy WebLinkAboutMINUTES - 08131991 - 1.43 r 1-043
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TO: BOARD OF SUPERVISORS `✓Wla
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FROM: Harvey E. BragdonCounty
TSTA C 11M�
Director of Community Development
DATE: August 13, 1991
SUBJECT: Approval of Community Development Block Grant (CDBG) Program Project
Agreement; Del Norte Place Limited Partnership, A California
Partnership.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the -Chair and the - Director of Community Development or
his designee to execute the CDBG Program Project-- „Agreement,
Repayment Agreement and necessary loan documents , with Del °-Norte
Place Limited Partnership, a California Partnership,. �to°:. mplemerit.
activity 17-54, Del Norte Place, with a payment limit. of,�'$200,,""000.
FISCAL IMPACT
None (100% HUD Funds) .
BACKGROUND/REASONS FOR RECOMMENDATIONS
A private developer, Del Norte Place Limited Partnership, a
California Partnership, with whom the El Cerrito Redevelopment
Agency has a Disposition and Development Agreement is developing a
135 unit apartment complex with ground floor retail space. The
project is being financed with the proceeds of a County
multi-family bond issue, Agency funds, developer equity and CDBG
funds. A total of 28 units will be made available to very low
income households and 16 units will be made available 'to,". seniors.
The CDBG funds will be in the form of a deferred loan fors"ite work
prior to construction of the housing development.
CONTINUED ON ATTACHMENT: X YES SIGNATURE.
RECOMMENDATION OF COUNTY ADMINISTRATOR RECONMENIDATIO F BOAJ COM14ITT
APPROVE OTHER
SIGNATURE(S) --
ACTION OF BOARD ON AUG 13 1 APPROVED AS RECOMM13NDM >< OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT TRIS IS A
UNANIMOUS (ABSENT �`'— ) TRUE AND CORRECT COPY OF `AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED
AUG 13 1991
CAO PHIL BATCHELOR, CLERK OF
Auditor c/o Nona THE BOARD OF SUPERVISORS
County Counsel 1AND COUNTY ADMINISTRATOR
Contractor
sel6/ibex.bos BY DEPUTY
The Board of Supervisors action of April 9, 1991 approving this allocation of
funds contemplated a loan to the El Cerrito Redevelopment Agency. Since that
action, the U.S. Department of Housing and Urban Development issued its June it
199.1 Information Bulletin that "loans" of CDBG funds to redevelopment agencies
and other public entities to carry out eligible CDBG activities are not
permitted. "Loans" for eligible activities are permitted to be made to
for-profit and non-profit developers. The intended uses of the CDBG funds are
eligible activities and the loan would be permissible. The loan will be secure
by a subordinate note and deed of trust.