County of Monterey - File #: 15-1308

• File #: 15-1308
• Name: MP Geil LLC
• Type: General Agenda Item
• Status: Passed
• File created: 11/30/2015
• In control: Board of Supervisors
• On agenda: 12/15/2015
• Final action: 12/15/2015
• Title: a. Ratify a change in the method by which a monitoring fee is paid to the County, in connection with the loan made between County of Monterey in its capacity as Housing Successor Agency ("County") and MP Geil LLC, related to the Geil Street Apartments, Castroville, as well as ratify associated budget changes required to accommodate the change in payment method; b. Approve amendments to the Loan Agreement, and to the Regulatory Agreement and Declaration of Restrictive Covenants between County and MP Geil LLC, to reflect the change in the method of paying the monitoring fee to the County; and c. Authorize the Director of Economic Development to make minor revisions, as needed, to the amendments and to execute the amendments.

Date	Action By	Action	Result
12/15/2015	Board of Supervisors	approved

Title
a. Ratify a change in the method by which a monitoring fee is paid to the County, in connection with the loan made between County of Monterey in its capacity as Housing Successor Agency ("County") and MP Geil LLC, related to the Geil Street Apartments, Castroville, as well as ratify associated budget changes required to accommodate the change in payment method;
b. Approve amendments to the Loan Agreement, and to the Regulatory Agreement and Declaration of Restrictive Covenants between County and MP Geil LLC, to reflect the change in the method of paying the monitoring fee to the County; and
c. Authorize the Director of Economic Development to make minor revisions, as needed, to the amendments and to execute the amendments.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Ratify a change in the method by which a monitoring fee is paid to the County, in connection with the loan made between County of Monterey in its capacity as Housing Successor Agency ("County") and MP Geil LLC, related to the Geil Street Apartments, Castroville, as well as ratify associated budget changes required to accommodate the change in payment method;
b. Approve amendments to the Loan Agreement, and to the Regulatory Agreement and Declaration of Restrictive Covenants between County and MP Geil LLC, to reflect the change in the method of paying the monitoring fee to the County; and
c. Authorize the Director of Economic Development to make minor revisions, as needed, to the amendments and to execute the amendments.

SUMMARY/DISCUSSION:
The Geil Street Apartments is an 11-unit affordable housing project in Castroville that was purchased in 2015 by MP Geil LLC, an affiliate of MidPen Housing (MidPen). Rehabilitation of the property has just been completed to correct numerous health and safety issues. The County invested both Urban County Community Development Block Grant funds and Housing Successor Agency funds into the project. The St...