HomeMy WebLinkAboutMINUTES - 01071992 - 1.41 1-041
TO: BOARD OF SUPERVISORS Contra
FROM: Harvey E. Bragdon
Director of Community Development (JO^
DATE: 7 January 1992
a
SUBJECT: Approval of Subordination agreement with Las Trampas, Inc.
SPECIFIC REQUEST(S) OR RECOM114ENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Director of Community Development or his Designee
to execute the Subordination Agreement with Las Trampas School,
Inc.
FISCAL IMPACT
None
BACKGROUND/REASONS FOR RECOMMENDATIONS
Las Trampas School, Inc. acquired a single family home for a
mentally handicapped adults program located at 1027 Bancroft Court,
Walnut Creek in 1988 with CDBG funds and private mortgage monies.
Las Trampas now wants to refinance the property to take advantage
of lower interest rates which would result in lower monthly costs
to the program. Las Trampas is refinancing only the existing
mortgage and not using any of the equity for other costs.
CONTINUED ON ATTACHMENT: YES SIGNATURE: / Q�L
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOIrIIKIImAT OF 7COMMI E
APPROVE OTHER \
SIGNATURE(S) :
ACTION OF BOARD ON JAN 7 1992 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
HEREBY CERTIFY THAT THIS 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: JAN 7 1992
CAO PHIL BATCHELOR, CLERK OF
Auditor c/o Nona THE BOARD OF SUPERVISORS
County Counsel AND COUNTY ADMINISTRATOR
Contractor
BY , DEPUTY
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