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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 20, 2005 <br />SUBJECT: Subordination Reouest -UCC Livi <br />DEPARTMENT: Housing/Comm. Development <br />Action Agenda <br />Item No. ~_~_ <br />;enters, Inc. <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Tara L. Fikes, ext, 2490 <br />Letter from Corporate Office <br />Consent Agreement TELEPHONE NUMBERS: <br />Map of Area Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider the execution of a Deed of Trust Beneficiary and Trustee Consent and <br />Subordination to Grant of Access Easement as requested by UCC Living Centers, Incorporated. <br />BACKGROUND: On April 7, 1998, the Qrange County Board of Commissioners approved the <br />reimbursement of school facilities impact fees in the amount of $120,000 to UCC Living <br />Centers, Inc, This reimbursement was made in support of the development of a 40-unit <br />apartment complex for the low-income elderly constnacted at the corner of Smith Level Road <br />and Culbreth Roads in Carrboro known as Covenant Place Apartments. As required, UCC <br />Living Centers, Inc, executed an Agreement and Deed of Tnist securing the $120,000 <br />reimbursement and the requirement that the property would be maintained as affordable <br />housing to families with incomes at or below 50% of the area median income far a period of 99 <br />years, <br />At this time, UCG Living Centers, Inc. is requesting that the County execute a Deed of Trust <br />Beneficiary and Tnastee Consent and Subordination to Grant of Access Easement that is <br />required for a FHA insured refinancing of the adjacent property where the Shepherd House <br />Assisted Living is currently located, A copy of the request to the County Manager is enclosed <br />along with a copy of the Consent and Subordination Request document and a map of the area. <br />The County Attorney has reviewed this request and has determined that execution of this <br />document does not materially affect or weaken the County's lien position, <br />FINANCIAL IMPACT: None <br />RECOMMENDATION(S): The Manager recommends approving the execution of a Deed of <br />Trust Beneficiary and Trustee Consent and Subordination to Grant of Access Easement for the <br />UCC Living Centers, Inc, and authorizing the County Attorney to execute the document as <br />Trustee, <br />