Title
a. Conduct a Public Hearing on amending the County’s Neighborhood Stabilization Program 3 (NSP3) Action Plan to add Financing Mechanisms as an eligible use;
b. Authorize the Economic Development Director to amend the Action Plan to include Financing Mechanisms as an eligible use and make minor modifications as necessary;
c. Approve a $325,000 Neighborhood Stabilization Program 3 (NSP3) Pre-development Loan to Rockrose Housing Corporation;
d. Approve loan documents for the transaction including a Loan Agreement, Promissory Note, and Corporate Guarantee (Loan Documents);
e. Authorize the Director of Economic Development to execute the Loan Documents and make minor modifications as necessary; and
f. Approve and authorize the Auditor-Controller to amend the Fiscal Year 2012-2013 adopted budget by increasing appropriations and revenues by $100,000 in the Capital Development Grant Unit 8200, Fund 013, Appropriation Code DEO003 to partially fund the Rockrose Housing Corporation loan and associated administrative costs (4/5th vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Conduct a Public Hearing on amending the County’s Neighborhood Stabilization Program 3 (NSP3) Action Plan to add Financing Mechanisms as an eligible use;
b. Authorize the Economic Development Director to amend the Action Plan to include Financing Mechanisms as an eligible use and make minor modifications as necessary;
c. Approve a $325,000 Neighborhood Stabilization Program 3 (NSP3) Pre-development Loan to Rockrose Housing Corporation;
d. Approve loan documents for the transaction including a Loan Agreement, Promissory Note, and Corporate Guarantee (Loan Documents);
e. Authorize the Director of Economic Development to execute the Loan Documents and make minor modifications as necessary; and
f. Approve and authorize the Auditor-Controller to amend the FY 2012-2013 adopted budget by increasing appropriations and revenues by $100,000 in the Capital De...
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