Vote: held

Item Text

89. MARICOPA COUNTY ASSIGNMENT OF PROMISSORY NOTE AND DEED OF TRUST FOR VENTANA ESTATES Approve a Resolution authorizing the Chairman of the Board of Supervisors to execute a Promissory Note Purchase and Sale Agreement, Allonge, and Assignment of Beneficial Interest under Deed of Trust regarding a loan agreement recorded in the records of the Maricopa County Recorder No. 2001-0960201. Maricopa County, through the Human Services Department, loaned Mesa Broadway Property LP, an Arizona Limited Partnership, $400,000 in U.S. Department of Housing and Urban Development HOME funds, on or about October 16, 2001 for the development of a low-income housing tax credit property. The 140-unit apartment community, known as Ventana Estates, is owned by Mesa Broadway Property LP and is located at 9422 E. Broadway Road, Mesa, AZ 85208. The note carries interest only payments with the full principle amount due and payable not later than November 1, 2022. The County has received $239,334.20 in interest payments to date. Charter Oak Mortgage and Investment Company, LLC has offered to pay $400,000, the full principal amount, to purchase the Subordinate Promissory Note held by the County. Repayment of the loan will result in Program Income in the amount of $400,000 that will be utilized by Maricopa County Human Services Department Housing and Community Development Division to fund other HUD supported project activities. Thes e funds are not revenue funds. Supervisory District: 2 (C-22-20-053-M-00)

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