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File #: 111151   
Type: Resolution Status: Consent Agenda
File created: 5/16/2025 Meeting Body: Board of Acquisition and Contract
On agenda: 5/29/2025 Final action: 5/29/2025
Title: Planning - Amend a 11/27/24 Resolution to enter into a loan agreement with Verus Development LLC, its successors and/or assigns, or any entity created to carry out and fund the purposes of the proposed transaction, in an amount not to exceed $5,250,000 in loan funds from the County Housing Flex Fund ("HFF") Program ("HFF Loan"), is hereby amended in order to change the length of the loan term to meet the requirements of the permanent lender from 33 years and nine months including a two-year and nine month construction period to 37.75 years including a two-year and nine month construction period maturing on March 30, 2063.
Attachments: 1. RESA111151.pdf
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Planning - Amend a 11/27/24 Resolution to enter into a loan agreement with Verus Development LLC, its successors and/or assigns, or any entity created to carry out and fund the purposes of the proposed transaction, in an amount not to exceed $5,250,000 in loan funds from the County Housing Flex Fund (“HFF”) Program (“HFF Loan”), is hereby amended in order to change the length of the loan term to meet the requirements of the permanent lender from 33 years and nine months including a two-year and nine month construction period to 37.75 years including a two-year and nine month construction period maturing on March 30, 2063.

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B. Lopez