DATE: April 9, 2024
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Agreement with Reedley I CIC, LP to Develop, Construct, and Operate 11 Units of Affordable Multifamily Rental Housing for 40 Years in the City of Reedley
RECOMMENDED ACTION(S):
TITLE
1. Approve and authorize Chairman to execute an Agreement with Reedley I CIC, LP to loan HOME Investment Partnerships Program funds with deferred payments at 0% interest for the development, construction, and operation of 11 units within the 80-unit Willow Grove affordable multifamily rental housing project in the City of Reedley effective upon execution, for 40 years following the completion of construction and closure of the project in the Federal Integrated Disbursement & Information System ($1,820,000); and
2. Approve and authorize Director of the Department of Public Works and Planning, or Acting Director, or designee identified in writing, to approve limited extensions to the construction timeline for delays out of the control of Reedley I CIC, LP and amend the end date of the Agreement's term in the County's system of record, with notice to all parties, for the purpose of aligning it with Federal administrative requirements and to ensure the conditions of the loan documents are satisfied; and
3. Authorize Director of the Department of Public Works and Planning, or Acting Director, or designee identified in writing, such that upon review and approval by County Counsel as to legal form and Auditor-Controller/Treasurer-Tax Collector as to accounting form, the Director may execute (and if applicable, record) in the name of the County: (A) the Regulatory Agreement and Declaration of Restrictive Covenants, (B) the Promissory Note, (C) the Deed of Trust, and (D) subordination documents that do not alter the County's lienholder positions and do not cause the amount of the superior loans to exceed $42,000,000; and
4. Authorize Director of the Depa...
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