Item Text

36. AMENDMENT TO THE DEVELOPER AGREEMENT BETWEEN MARICOPA COUNTY AND MADISON HEIGHTS PHASE I, LLC Approve a non-financial Amendment No. 1 to the Madison Heights Phase I Developer Agreement to address the following: 1. Clarify the Parties to the Agreement; 2. State the loan is non-recourse, but subject to the remedies set forth in the Declaration of Affirmative Land Use Restrictive Covenants, which is exhibit B to the Agreement; and 3. Amend the program income provisions to comport with federal regulations. 4. Clarifying the parties to the Declaration of Covenants, Conditions, and Restrictions. Any term of the original Agreement not amended hereby remains in full force and effect. Request authorization for the Chairman to sign Subordination Agreement (Construction Loan), Deed of Trust, and any subsequent legal agreement or document required for the completion of the project addressed in the Agreement. (C-22-15-062-3-01)

Attachments (4)

Item Text

39. AMENDMENT TO THE DEVELOPER AGREEMENT WITH MADISON HEIGHTS PHASE I, LLC Approve a non-financial Amendment No. 2 to the Madison Heights Phase I Developer Agreement to address the following: 1. Correct section 6.2 to read as follows: 6.2 Prior to the issuance of the certificate of occupancy by the County of Maricopa for the Madison Heights Project, Madison Heights may submit claims allowed under this Agreement for reimbursement up to ninety-five percent (95%) of the Contract Amount ($304,000). Any term of the original Agreement not amended hereby remains in full force and effect. (C-22-15-062-3-02)

Vote — approved

Steve Gallardo	abstain
Bill Gates	abstain
Clint Hickman	abstain
Gallardo School Superintendent	yes
and Clint Hickman	yes
Denny Barney	abstain
Steve Chucri	yes

40.SUBORDINATION AGREEMENT BETWEEN MARICOPA COUNTY AND MADISON HEIGHTS PHASE I, LLCApprove a non-financial subordination agreement to the Madison Heights Phase I Developer Agreement to address the following:1. Subordinate $320,000 in HOME funds to Senior Lender to secure permanent financing.2. Maricopa County will remain in 3rd lien position, junior to the permanent loan and the Arizona Department of Housing Trust Fund loans. (C-22-15-062-3-03) Motion to approve by Supervisor Gates, seconded by 

Item Text

40. SUBORDINATION AGREEMENT BETWEEN MARICOPA COUNTY AND MADISON HEIGHTS PHASE I, LLC Approve a non-financial subordination agreement to the Madison Heights Phase I Developer Agreement to address the following: 1. Subordinate $320,000 in HOME funds to Senior Lender to secure permanent financing. 2. Maricopa County will remain in 3rd lien position, junior to the permanent loan and the Arizona Department of Housing Trust Fund loans. (C-22-15-062-3-03)

Attachments (1)

Vote — approved

Steve Gallardo	abstain
Bill Gates	abstain
Clint Hickman	abstain
Gallardo School Superintendent	yes
and Clint Hickman	yes
Denny Barney	abstain
Steve Chucri	yes

70.SUBORDINATION AGREEMENT BETWEEN MARICOPA COUNTY AND MADISON HEIGHTS PHASE I, LLCApprove a non-financial subordination agreement to the Madison Heights Phase I Developer Agreement to address the following:1. Subordinate deed restrictions (Land Use Restrictive Agreement-LURA) to the Arizona Department of Housing. The LURA secures the twenty year period of affordability;2. Maricopa County’s lien position will not change; it will remain junior to the permanent loan and the Arizona Department of H

Item Text

70. SUBORDINATION AGREEMENT BETWEEN MARICOPA COUNTY AND MADISON HEIGHTS PHASE I, LLC Approve a non-financial subordination agreement to the Madison Heights Phase I Developer Agreement to address the following: 1. Subordinate deed restrictions (Land Use Restrictive Agreement-LURA) to the Arizona Department of Housing. The LURA secures the twenty year period of affordability; 2. Maricopa County’s lien position will not change; it will remain junior to the permanent loan and the Arizona Department of Housing Trust Fund loans. Supervisor District: 5. (C-22-15-062-3-04)

Attachments (1)