HomeMy WebLinkAboutRES-2014-008 Resolution Authorizing Orange Enterprises to Subject the Property on Elizabeth Brady Road to a $250,000 Deed of Trust in Excess of the Current $715,000 Limit )?65-,;70 t q
ORANGE COUNTY BOARD OF COMMISSIONERS
RESOLUTION AUTHORIZING ORANGE ENTERPRISES TO SUBJECT THE PROPERTY ON
ELIZABETH BRADY ROAD TO A$250,000 DEED OF TRUST IN EXCESS OF THE CURRENT
$715,000 LIMIT
WHEREAS, Orange Enterprises, Inc. ("OE") is an Orange County Nonprofit Corporation organized for the
purposes of providing "creative opportunities for handicapped persons and/or persons with other employment
barriers;"and
WHEREAS, Orange County and OE entered into an Agreement dated April 26, 2005 (the "Agreement")
whereby Orange County would contribute funding towards OE's purchase and upfit of a property and building
(PIN 9874-550-774)for the purposes of OE's expansion of operations;and
WHEREAS,among the terms of the Agreement was a limitation by which OE was prohibited from encumbering
the property by any deed of trust in excess of Seven Hundred Fifteen Thousand Dollars ($715,000) without the
express written authorization of the County; and
WHEREAS, OE currently has a deed of trust encumbering the property in an amount of Six Hundred Eighty
Thousand Three Hundred Sixty-Two Dollars($680,362);and
WHEREAS,OE has requested Orange County authorize OE to secure an additional deed of trust on the property
in an amount of Two Hundred Fifty Thousand Dollars($250,000); and
WHEREAS, it is in the interest of the citizens and residents of Orange County and particularly disadvantaged
citizens and residents of Orange County that OE be authorized to secure additional funding through an additional
deed of trust on the property.
NOW, THEREFORE, BE IT RESOLVED, the Orange County Board of County Commissioners, pursuant to
the terms of the Agreement authorizes OE to exceed the limitation of the Agreement by securing a deed of trust
against the Elizabeth Brady Road Property (PIN 9874-550-774) in an amount of Two Hundred Fifty Thousand
Dollars ($250,000). This authorization is limited and any additional deed of trust shall be subject to the
requirements and terms of the Agreement. In no event shall OE be authorized to encumber the property beyond
the Nine Hundred Thirty Thousand Three Hundred Sixty-Two Dollars ($930,362) sum of the now existing deed
of trust and the deed of trust authorized by this Resolution.
This the 4`h day of February,2014.
7V
ry acobs air
Orange Co ty Bo of ommis 'oners
Attest:
Clerk to the Board of Commissioners