Memorandum
Date: September 9, 2025
To: The Honorable Lake County Board of Supervisors
From: Susan Parker, County Administrative Officer
Stephen L. Carter, Jr., Assistant County Administrative Officer
Matthew T. Rothstein, Chief Deputy County Administrative Officer
Subject: 9:07 A.M. - (a) Consideration of the Subordination Agreement pertinent to Loans Associated with the Pallesen Place Housing Project, and Authorize Chair Crandell to Sign on Behalf of Lake County Housing Commission; and (b) Consideration of the Estoppel Certificate pertinent to Loans Associated with the Pallesen Place Housing Project, and Authorize Chair Crandell to Sign on Behalf of Lake County Housing Commission
Executive Summary:
As your Board is aware, Rural Communities Housing Development Corporation (RCHDC) developed the Pallesen Place housing project, located in Nice, CA. RCHDC is now seeking a Construction Loan extension for the project. To further this process, two documents are needed from the County. First, a Subordination Agreement to re-establish priority of liens or claims against the property. This document has been vetted by the California Department of Housing and Community Development, County Counsel, and RCHDC's team and project partners. Second, an Estoppel Certificate, confirming certain facts or conditions (such as outstanding principal balance and any history of default) surrounding loans made by the County in support of the project.
Staff recommends your Board and delegate, acting as the Lake County Housing Commission, approve the documents, and authorize the Chair to sign.
If not budgeted, fill in the blanks below only:
Estimated Cost: ________ Amount Budgeted: $ Additional Requested: ___N/A__ Future Annual Cost: _N/A___
Purchasing Considerations (check all that apply): ? Not applicable
? Fully Article X.- and/or Consultant Selection Policy-Compliant (describe process undertaken in "Executive Summary")
? Section 2-38 Exemption from Competitive Biddi...
Click here for full text