Memorandum
Date: April 6, 2021
To: The Honorable Bruno Sabatier, Chair, Lake County Board of Supervisors
From: Carol J. Huchingson, County Administrative Officer
Subject: Consideration of Resolution of the Board of Supervisors of the County of Lake, State of California Confirming the Prior Transfer from the Former Lake County Redevelopment Agency to the Lake County Housing Agency of Certain Real Property Liens, and Authorizing Assignments of Deeds of Trust to Reflect that Transfer
Executive Summary: (include fiscal and staffing impact narrative): In 2005, the former Lake County Redevelopment Agency entered into an Owner Participation Agreement (OPA) with Rural Communities Housing Development Corporation (RCHDC) for a 50 unit affordable housing project to be located at 6853 Collier Avenue in Nice, California.
The former Lake County Redevelopment Agency (RDA) had set aside twenty percent of its tax increment revenues to improve and increase the supply of affordable housing and, pursuant to the OPA, it agreed to use a portion of said monies to provide a loan to RCHDC to assist in the development of the Project.
The Owner's Participation Agreement was first amended in 2009 to increase the financial amount of the former Lake County Redevelopment Agency's participation. The initial loan amount of two hundred fifty thousand dollars ($250,000) which was secured by a Deed of Trust and Assignment of Rents recorded against the property located at 6853 Collier Avenue, Nice, California on April 7, 2005, was followed by an additional loan amount of nine hundred ninety-eight thousand dollars ($998,000), which was secured by an additional Deed of Trust against the Collier Avenue Property on June 8, 2009. Subsequently, six hundred and twenty-six thousand eight hundred and seventy-two dollars ($626,872) of the total loan amount was expended for pre-development costs.
As a result of Bx1 26 and the California Supreme Court case, California Redevelopment Associatio...
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