Memorandum
Date: March 7, 2023
To: The Honorable Lake County Board of Supervisors
From: Anita L. Grant, County Counsel
Subject: Extra Item - Necessity for Extra- Item Not On The-Posted Agenda - Collier Avenue Housing Project Loan Documents
Executive Summary:
This is to advise your Board that since the posting of the current agenda, circumstances have occurred since the posting of the current agenda which are relevant to the above-referenced matter and which require your Board's immediate attention and approval prior to the next meeting of your Board.
The loan amount for the construction loan has increased by $22,269.90 This will result in changes to the promissory note which the Lake County Housing Commission will hold, the construction loan agreement itself, and the short-form deed of trust.
Further although your Board had approved resolutions in 2021 relating to the participation in the No Place like Home Program: Competitive Allocation and the County's acceptance of the noncompetitive allocation award under the o Place Like Home Program RCHDC clarified yesterday that resolutions must additionally be approved in 2023. As a result of the above, it is requested that your Board:
l. Move to approve the increase in the construction loan amount for the Collier Avenue Project in the amount of $22,269.90 and authorize the Chair to sign the loan agreement and directly related documents to effectuate that change.
2. Offer the 2023 Resolution of the Lake County Board of Supervisors Authorization to Participate in the No Place Like Home Program: Competitive Allocation
3. Offer the 2023 Resolution of the Lake County Board of Supervisors Authorizing Acceptance of the County of Lake Noncompetitive Allocation Award Under the No Place Like Home Program.
Thank you.
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