Title
a. Authorize the Auditor-Controller to increase revenue and appropriations in Economic Development Department's Boronda Housing Set-Aside Unit, 176-8202-DEO013 by $300,000;
b. Approve a loan in the amount of $300,000 between the Housing Successor Agency of the County of Monterey and South County Housing Corporation (SCH) for the redevelopment of the Camphora Labor Camp; and
c. Authorize the Director of the Economic Development Office to make minor revisions to the loan documents (if necessary), execute the loan documents, and execute subsequent loan related documents, including subordination agreements, provided that the Housing Successor Agency's interests are secured only behind the construction or the permanent loan and the loans provided by governmental agencies.
Report
RECOMMENDATION:
a. Authorize the Auditor-Controller to increase revenue and appropriations in Economic Development Department's Boronda Housing Set-Aside Unit, 176-8202-DEO013 by $300,000;
b. Approve a loan in the amount of $300,000 between the Housing Successor Agency of the County of Monterey and South County Housing Corporation (SCH) for the redevelopment of the Camphora Labor Camp; and
c. Authorize the Director of the Economic Development Office to make minor revisions to the loan documents (if necessary), execute the loan documents, and execute subsequent loan related documents, including subordination agreements, provided that the Housing Successor Agency's interests are secured only behind the construction or the permanent loan and the loans provided by governmental agencies.
SUMMARY:
The recommended actions will provide funding in the amount of $300,000 to South County Housing Corporation (SCH) to provide the remaining financing necessary for redevelopment of the Camphora Labor Camp. To fund the loan, it is proposed that the Housing Successor Agency reinvest Boronda Housing Set-Aside funds received from the repayment of a short term note to South County Housing made ...
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