City Council

19.b. CONSIDERATION AND APPROVAL OF RESOLUTION NO. SA 24-03,\nAPPROVING SUBORDINATION AGREEMENT FOR REFINANCING OF\nSOUTH EL MONTE SENIOR VILLAS (LOCATED AT 1515 PECK ROAD)\nBY SEL HOMES, LLC WHICH IS SUBJECT TO DEED OF TRUST IN\nFAVOR OF SUCCESSOR AGENCY\nStaff is requesting that the Successor Agency Board consider approving\nthe execution of a subordination agreement.\nRECOMMENDED ACTION: Staff recommends the Successor Agency\nBoard:\n1. Adopt Resolution No. SA 24-03, approving the execution of a\nsubordination agreement whereby the Successor Agency subordinates\nits deed of trust which secures the obligations of SEL Homes, LLC, a\nCalifornia limited liability (“Owner”) in favor of the Successor Agency to\na new loan to Owner in the amount of $4,800,000 from Citizens\nBusiness Bank; and\n2. Authorizing the Executive Director or designee to negotiate and\nexecute agreement.