File #: 18-394    Name:
Type: General Agenda Item Status: Agenda Ready
File created: 4/5/2018 In control: Advance Reports Over 50 Pages
On agenda: 4/6/2018 Final action:
Title: a. Approve the Assignment and Assumption of the County of Monterey and Housing Successor Agency of the Redevelopment Agency of Monterey County's Regulatory Agreement and Declaration of Restrictive Covenants (58 Brooklyn St - CDBG/Agency Loan), Pajaro, CA to South County Housing by Pajaro Valley Shelter Services, Inc., and authorize the Director of Economic Development to execute the Agreement; b. Approve the forgiveness of approximately $93,818.21 in accrued interest on the County's CDBG loan and Redevelopment Agency loan; and, c. Approve the Modification of the Deed of Trust (58 Brooklyn Street - CDBG/Agency Loan) securing the County and Redevelopment Agency's security interest in the property and authorize the Director of Economic Development to execute the Modification; d. Approve the Assignment and Assumption of the County of Monterey's Regulatory Agreement and Declaration of Restrictive Covenants (58 Brooklyn St - HOME Loan), Pajaro, CA to South County Housing by Pajaro Valley She...
Attachments: 1. Board Report, 2. Attachment A - Assignment Assumption of Reg Agreement - CDBG Loan, 3. Attachment B - Modification of Deed of Trust Final - CDBG Loan, 4. Attachment C - Assignment Assumption Reg Agreement - HOME Loan, 5. Attachment D - Modification of Deed of Trust - HOME Loan, 6. Attachment E - Inspection Report 58 Brooklyn St A & B Royal Oaks CA 95076
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Title
a. Approve the Assignment and Assumption of the County of Monterey and Housing Successor Agency of the Redevelopment Agency of Monterey County's Regulatory Agreement and Declaration of Restrictive Covenants (58 Brooklyn St - CDBG/Agency Loan), Pajaro, CA to South County Housing by Pajaro Valley Shelter Services, Inc., and authorize the Director of Economic Development to execute the Agreement;
b. Approve the forgiveness of approximately $93,818.21 in accrued interest on the County's CDBG loan and Redevelopment Agency loan; and,
c. Approve the Modification of the Deed of Trust (58 Brooklyn Street - CDBG/Agency Loan) securing the County and Redevelopment Agency's security interest in the property and authorize the Director of Economic Development to execute the Modification;
d. Approve the Assignment and Assumption of the County of Monterey's Regulatory Agreement and Declaration of Restrictive Covenants (58 Brooklyn St - HOME Loan), Pajaro, CA to South County Housing by Pajaro Valley Shelter Services, Inc. and authorize the Director of Economic Development to execute the Agreement;
e. Approve the Modification of the Deed of Trust (58 Brooklyn Street - HOME Loan) securing the County's security interest in the property and authorize the Director of Economic Development to execute the Modification;
f. Approve Pajaro Valley Shelter Services as the new property manager.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the Assignment and Assumption of the County of Monterey and Housing Successor Agency of the Redevelopment Agency of Monterey County's Regulatory Agreement and Declaration of Restrictive Covenants (58 Brooklyn St - CDBG/Agency Loan), Pajaro, CA to South County Housing by Pajaro Valley Shelter Services, Inc., and authorize the Director of Economic Development to execute the Agreement;
b. Approve the forgiveness of approximately $93,818.21 in accrued interest on the County's CDBG loan and Redevelopment Agency loa...

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