(b) Approve a Subordination Agreement to subordinate the City's existing Deed of Trust, as amended by a First Amendment to the Deed of Trust, on real property located at 2195 Cunningham Avenue, to a $500,000 loan from Focus Bank.
CEQA: Not a Project, File No. PP10-066, Agreements for activities involving no physical changes to the environment. Council District 8. (Housing)
REQUIRES A DETERMINATION BY A TWO-THIRDS (2/3) VOTE OF THE MEMBERS OF THE COUNCIL PRESENT AT THE MEETING, OR, IF LESS THAN TWO-THIRDS (2/3) OF THE MEMBERS OF THE COUNCIL ARE PRESENT AT THE MEETING, A UNANIMOUS VOTE OF THOSE MEMBERS PRESENT THAT THERE IS A NEED TO TAKE IMMEDIATE ACTION. Council's Rules of Conduct Resolution, Rule 3(d).