Approve and authorize Chairman to execute an Agreement with Cherry Crossing, L.P. to loan HOME Investment Partnerships Program funds for the development, construction, and operation of 11 units within the 72-unit Cherry Crossing I affordable multifamily rental housing project in the City of Sanger effective upon execution, for 55 years following the completion of construction and closure of the project in the Federal Integrated Disbursement & Information System ($1,000,000); and 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 Cherry Crossing, L.P. 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 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 position and do not cause the amount of the superior loans to exceed $40,000,000; and 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 loan and related documents necessary to the Cherry Crossing I Project, including, but not limited to, the Regulatory Agreement and Declaration of Restrictive Covenants, Promissory Note, Deed of Trust, any required subordination agreements and estoppel certificates, and other necessary documents and amendments thereto as shall be necessary for the purpose of developing the Project so long as the documents (A) do not contain material changes and terms materially adverse to the County’s position (subject to County Counsel’s determination), (B) are consistent with the County’s underwriting requirements, (C) not in conflict with Federal funding requirements, and (D) electronic copies of all final executed documents are added to the County’s system of record

Agenda Item Approved Introduced October 10, 2023

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