Title
a. Approve a loan, if specified conditions are met, in the amount of $400,000 from the County Housing Successor Agency to MP Geil Street LLC, Inc., an affiliate of MidPen Housing Corporation, for the Geil Street Apartment project in Castroville;
b. Authorize the Director of Economic Development to make minor changes and execute loan documents, and other necessary and associated documents, if specified conditions are met; and
c. Approve and authorize the Auditor-Controller to amend the FY 2014-2015 adopted budget to increase estimated revenues and appropriations by $400,000 in the Castroville Pajaro Set Aside, Fund 175, Unit 8203, Appropriation Unit DEO012 to fund the Geil Street Apartment project in Castroville (4/5th vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve a loan, if specified conditions are met, in the amount of $400,000 from the County Housing Successor Agency to MP Geil Street LLC, Inc., an affiliate of MidPen Housing Corporation, for the Geil Street Apartment project in Castroville;
b. Authorize the Director of Economic Development to make minor changes and execute loan documents, and other necessary and associated documents, if specified conditions are met; and
c. Approve and authorize the Auditor-Controller to amend the FY 2014-2015 adopted budget to increase estimated revenues and appropriations by $400,000 in the Castroville Pajaro Set Aside, Fund 175, Unit 8203, Appropriation Unit DEO012 to fund the Geil Street Apartment project in Castroville (4/5th vote required).
SUMMARY:
In response to a Notice of Funding Availability issued by the County on September 2, 2014, MidPen Housing submitted a request for funding in the amount of approximately $400,000 for the Geil Street Apartments, Castroville, to acquire and rehabilitate the 52 year old project. Due to poor stewardship of the property by the current owners, the property is currently in default on its State of Califo...
Click here for full text