COMPLETED BOARD ORDER"?|E
S?48
Before the Board of Directors of the Redevelopment
Agency pf the County of Monterey, State of California
Agreement No. A-12025, A-12038, A-12039, A-12040, A-12041
a. Approve a Subsequent Loan Agreement, Operating Agreement,
Promissory Note, Deed of Trust and Security Agreement, and
Declaration of Restrictive Covenants Loan Agreements) with
CHISPA for a $2,300,000 loan for the Sea Garden Apartments;
b. Authorize the Director df the Redevelopment and Housing Office to
make minor revisions to the Loan and Operating Agreements which
do not materially alter them and to execute said documents on behalf
of the Redevelopment Agency and execute future subordination
agreements and other documents in regard to the construction and
permanent financing of the project, as necessary, and consistent with
the terms of the Loan A~reement; and
c. Increase appropriations zn the FY2011-12 budget for Fund 175, Unit
8203 Castroville/Pajaro Housing Set-Aside by $1,800,000
Upon motion of Director Salinas, seconded by Director Calcagno, and carried by those members
present, the Board hereby;
a. Approved a Subsequent Loan Agreement A-12025), Operating Agreement A-12038),
Promissory Note A?12039), Deed of Trust and Security Agreement A-12040), and
Declaration of Restrictive Covenants A-12041) Loan Agreements) with CHISPA for a
$2,300,000 loan for the Sea Garden Apartments; and
b. Authorized the Director of the Redevelopment and Housing Office to make minor
revisions to the Loan and Operating Agreements which do not materially alter them and
to execute said documents on behalf of the Redevelopment Agency and execute future
subordination agreements and other documents in regard to the construction and
penmanent financing of the project, as necessary, and consistent with the terms of the
Loan Agreement.
PASSED AND ADOPTED on this 28"' day of June, 2011, by the following vote, to wit:
AYES: Directors Calcagno, S...
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