HomeMy WebLinkAboutLittle Deschutes Lodge Housing Project01-Ea
Deschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701 -1960
(541) 388 -6570 - Fax (541) 385 -3202 - www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of April 8, 2009
Please see directions for completing this document on the next page.
DATE: April 1, 2009
FROM: Susan Ross Property & Facilities 383 -6713
TITLE OF AGENDA ITEM:
Consideration of Approval of Closing Documents Related to Little Deschutes Lodge Housing Project in
La Pine, Oregon, and Authorizing County Administrator to Execute Final Documents
PUBLIC HEARING ON THIS DATE? No
BACKGROUND AND POLICY IMPLICATIONS:
Deschutes County and Pacific Crest Affordable Housing are partnering on a low- income senior housing
project in La Pine, Oregon. Deschutes County has agreed to contribute 4.5 acres of property toward the
project and provide a loan of $103,000 to close the funding gap. Pacific Crest is responsible for
funding and development of the housing project. The County will enter into a Contribution Agreement
that incorporates the following documents:
• Loan Documents
- Evidence of commitment by the equity limited partner Homestead Capital
- Evidence of commitment by the construction lender Bank of the Cascades
❑ Intercreditor Agreement to release its interest in 2.5 acres after partition (initial phase limited to
2.5 acres)
- Evidence of commitment for permanent funding by Network for Oregon Affordable Housing
(NOAH)
- Evidence of commitment from Oregon Housing and Community Services for a general partner loans
(HOME Funds and Weatherization Funds)
- Deschutes County Loan (Promissory Note, Trust Deed with Loan Rider and Terms and Conditions
of Loan)
- Project Pro Forma
• Bargain and Sale Deed
• Scope of Development (describes the apartment building, landscaping, etc.)
• Project Illustration (elevation/architectural drawing)
• Schedule of Performance (detailed schedule of obligations of each party)
• Preliminary Title Report
• Escrow Instructions
• Tentative Subdivision Plat - MP -08 -28
• Terms and conditions relating to development of remaining 2 acres.
Staff and legal counsel are still in the process of compiling and finalizing these documents. It is staffs
recommendation and request that the Board approve the documents in concept and authorize the
administrator to sign the final documents, subject to legal review.
FISCAL IMPLICATIONS:
The County has paid for all costs related to the minor partition to separate the 4.5 -acre parcel, including
construction of Little Deschutes Lane and water and sewer improvements. The County is also making a
loan of $103,000 from the revolving business loan fund. The term is 31 years. There is sufficient cash
and appropriation.
RECOMMENDATION & ACTION REQUESTED:
Board authorization for County Administrator to execute final closing documents, subject to legal
review.
ATTENDANCE: Mark Pilliod, Susan Ross, Teresa Rozic
DISTRIBUTION OF DOCUMENTS:
Legal Counsel office will be responsible for distribution of documents after they are completed, signed
and ready for recording.