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� <br /> respectively, in this resolution. All other Board proceedings, or parts thereof, in conflict with this <br /> resolution are repealed, to the extent of the conflict. This resolution takes effect immediately. <br /> * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * <br /> Exhibit A -- Draft Aqreements <br /> (a) A draft dated December 20, 2010, of a Financing Agreement and Deed of Trust <br /> to be dated on or about January 20, 2011 (the "Financing Contract"), from the County for the <br /> benefit of BB&T, providing for the advance of funds to the County for the County's undertaking <br /> of the Project, setting out the terms of the County's promise and obligation to repay the <br /> amount financed and to care for the collateral, and providing for a security interest in C.W. <br /> Stanford Middle School (and its associated real property) to secure the County's obligations. <br /> (b) A draft dated December 20, 2010, of a Project Fund Agreement to be dated on <br /> or about January 20, 2011, between the County and BB&T, providing for the custody and <br /> investment of financing proceeds pending their application to Project costs. <br /> A motion was made by Commissioner Hemminger seconded by Commissioner McKee <br /> to approve the Resolution Providing Final Approval of Terms and Documents for QSCB School <br /> Improvements Financing. <br /> VOTE: UNANIMOUS <br /> 7. Reqular Aqenda <br /> a. Lonq-Term Affordability Policy Exception Request <br /> The Board considered a request from the Community Home Trust to allow a change in <br /> the period of affordability for a low-income housing tax credit project known as the Landings at <br /> Winmore. <br /> Housing and Community Development Director Tara Fikes introduced this item. The <br /> County had allocated $300,000 in HOME money to this project. In the process of trying to <br /> finalize documents related to that $300,000, both the Home Trust and the project developer, <br /> Croasland LLC, questioned whether the requirement that the property stay affordable for 99 <br /> years was necessary in this case because there is a 30-year period of affordability, for the tax <br /> credit program that they might be able to use. Since that time, the staff has continued to work <br /> with the documents needed for the HOME program, and they have now decided that the 99 <br /> year issue is not a problem for this project, but staff is suggesting to still reevaluate the 99 year <br /> requirement that is contained in the County's Long-Term Housing Affordability Policy and <br /> come back to the Board in a few months with some suggestions. <br /> Frank Clifton said that the issue at stake is that 99 years may create hurdles in <br /> financing. Staff wants to look at this and come back with a recommendation. <br /> Commissioner Jacobs said that the Affordable Housing Advisory Board should have an <br /> opportunity to look at this and make comments. There was also a discussion before the break <br /> about what constitutes an adequate item in the agenda as far as background documents, and <br /> this was a discussion that the County Commissioners went into. He said that the issue of <br /> guaranteed affordability for 99 years came from Magnolia Place, which was an affordable <br /> housing development, which did not have guaranteed affordability, and as soon as the houses <br /> flipped, they went on the market at market value. He said that 99 years might be an <br />