Item:
Title
Approval of the 500 E. Main St. Affordable Housing Development Documents
Body
Date of BOCC Meeting: September 9, 2024
Request for Board Action:
Agenda Text
The Board is requested to authorize the County Manager to execute the following documents:
1. Assignment of Contracts, Plans, Permits
2. Assignment of Leases and Rents
3. GREC Swap Subordination and Standstill Agreement
4. Landlord Waiver
5. Leasehold Deed of Trust
6. Loan Agreement
7. Promissory Note
8. Truist Subordination Agreement
9. Tri-Party Agreement
10. Ground Lease
11. Addendum to Ground Lease (HUD)
12. Memorandum of Lease
13. Ground Lease Estoppel Certificate
Attachments: The documents listed above are attached to this Item and are described in Attachment 14 (Description of Documents). All documents will be finalized and approved as to form prior to execution.
Alignment with Strategic Plan: This aligns with the Durham Strategic Goal of Sustainable Infrastructure and Environment
Resource Persons: Peri Manns, ASLA, LEED GA, Deputy Director; Nathan McKinney, Senior Assistant County Attorney; Greg Smith, Senior Development Manager, Laurel Street Residential; Crystally Wright, Interim Chief Financial Officer; Jay Gibson, P.E. Director of E, E&S; Sherrod Banks, Principal, Banks Law Firm; Deirdre Denechaud, Partner, Parker Poe Attorneys and Counselors at Law
County Manager’s Recommendation: The County Manager recommends that the Board authorize the County Manager to execute the described documents required for the 500 E. Main St. Affordable Housing Development project.
Signature
County Manager: ____________________________