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Consider authorizing a short term loan of up to $300,000 to Vacaville Social Services Corporation (VSSC) from the County’s General Fund Contingency as a bridge loan for construction to complete the Vacaville Opportunity House Homeless Shelter with the following terms: quarterly interest-only payments at an interest rate of 3% payable in full (principle and interest) not to exceed 24 months or until permanent financing is in place, which ever come first (4/5 vote required)
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Published Notice Required? Yes ____ No __X_
Public Hearing Required? Yes ____ No __X_
DEPARTMENTAL RECOMMENDATION:
The Solano County Board of Supervisors is requested to consider authorizing a short term loan of up to $300,000 to Vacaville Social Services Corporation (VSSC) from the County’s General Fund Contingency as a bridge loan for construction to complete the Vacaville Opportunity House Homeless Shelter with the following terms: quarterly interest-only payments at an interest rate of 3% payable in full (principle and interest) not to exceed 24 months or until permanent financing is in place, which ever come first (4/5 vote required).
SUMMARY:
The Board of Supervisors is asked to consider a request from the Vacaville Social Services Corporation (VSSC) to make a construction loan for a not to exceed amount of $300,000 for up to 24 months at an interest rate of 3% to enable the non profit to complete construction at the Vacaville Opportunity House homeless shelter (Attachment A). County staff has met with representatives from the VSSC and they have provided a letter to the County with an overview of their program, an explanation of the need for the requested short- term loan to facilitate the completion of the construction for the Opportunity House shelter project. They have also provided copies to the County of recent VSSC financial statements, and budget for 2012 (Attachments B, C, D). The loan, if approved would come from the County General Fund Contingenc...
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