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File #: 25-0548    Version: 1 Name:
Type: Approval Status: Consent Agenda
File created: 5/30/2025 In control: Executive Office
On agenda: 6/3/2025 Final action:
Title: Adoption of Resolution Authorizing the Execution of Subordination Agreements and Other Acts Related to the Community Development Loan for Agwood Mill & Lumber Company
Attachments: 1. Resolution 25-103, 2. Resolution
TO: BOARD OF SUPERVISORS
FROM: Executive Office
MEETING DATE: June 3, 2025


DEPARTMENT CONTACT:
Darcie Antle
PHONE:
707-463-4441
DEPARTMENT CONTACT:
Kelly Hansen
PHONE:
707-463-4441


ITEM TYPE: Consent Agenda

TIME ALLOCATED FOR ITEM: N/A


AGENDA TITLE:
title
Adoption of Resolution Authorizing the Execution of Subordination Agreements and Other Acts Related to the Community Development Loan for Agwood Mill & Lumber Company
End

RECOMMENDED ACTION/MOTION:
recommendation
Adopt Resolution authorizing the execution of subordination Agreements and other acts related to the community development loan for Agwood Mill & Lumber Company; and authorize Chair to sign same.
End

PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
On November 10, 2009, the Board of Supervisors adopted Resolution 09-260 approving an application for funding from the economic development allocation of the State Community Development Block Grant (CDBG) program and identifying the responsible party for grant administration. The application included a $2,000,000 business loan to Agwood Mill and Lumber Company.

On August 28, 2012, the Board of Supervisors authorized the Executive Office to transmit a letter to the Savings Bank of Mendocino County stating the County's acknowledgement of and lack of opposition to a $500,000 loan the bank approved for Agwood Mill & Lumber Company.

SUMMARY OF REQUEST:
In 2010, the County issued a $2 million loan to Agwood Mill & Lumber using economic development Community Development Block Grant (CDBG) grant funds. This assistance was prompted by the significant economic downturn caused by the national recession in 2008, which had a profound impact on the housing construction industry. The loan has a 2% interest rate and is scheduled to mature on September 1, 2030.

In 2012, the loan was subordinated to a loan from Savings Bank.

As of May 2025, the outstanding balance on the loan amounts to $613,708.46, reflecting that 70% of the total loan has bee...

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