DATE: June 24, 2025
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Retroactive Agreement for Reaffirmation - AMCAL Cordova Fund, LP
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute a retroactive Second Amendment to Agreement No. 08-266 in the form an Agreement for Reaffirmation from Cordova Fund L.P., to AMCAL Cordova Fund, L.P., which aligns the County's Agreement for the Cordova Apartments in the City of Selma to the current owner, and also acknowledges the proposed new Administrative General Partner and Investor Limited Partner entities with no change to Better Opportunities Builder, Inc. as the Managing General Partner, effective August 4, 2009, thru May 23, 2032, and no change to the existing loan of $1,832,500.
REPORT
There is no Net County Cost associated with the recommended action. The recommended action will retroactively align the County's existing Agreement for the Cordova Apartments with the current owner, AMCAL Cordova Fund, L.P. (AMCAL Cordova), and will affirm that AMCAL Cordova shall have all of the rights, obligations and liabilities of the Cordova Fund, L.P. (Cordova) under the Agreement. Although the funds authorized by the Board in 2008 and 2009 were fully expended and the units were successfully constructed in 2011, the use of Federal funds obligates the County to monitor and enforce Federal requirements for the assisted units through 2032. Staff, who were reviewing a routine transfer within the Limited Partnership which owns the apartments, identified a discrepancy between the current owner and the entity obligated to abide by the County's Agreement, which this item seeks to correct. This matter pertains to affordable housing in District 4.
ALTERNATIVE ACTION(S):
There is no viable alternative action. An assignment of agreement is not appropriate in this situation, as the original Limited Partnership was dissolved after AMCAL Cordova wa...
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