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From YouTube: County Board Special Meeting
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A
B
Very
much
we
are
joined
today
by
our
manager
and
a
number
of
staff
on
the
line
so,
mr
manager,
I
will
turn
it
over
to
you
for
introductions.
C
D
Great
thank
you
and
good
afternoon.
This
is
a
follow-up
item
to
the
barcroft
county
acquisition
fund
loan
approved
by
the
county
board
at
its
recent
december
14th
recessed
meeting
at
that
meeting,
the
county
board
approved
150
million
dollar
county
acquisition
fund
loan
to
assist
an
affiliate
of
gyre
lynch
real
estate
partners
was
the
acquisition
of
barcroft
apartments,
a
1
334
unit
market,
affordable
garden,
complex
located
at
1130.
South
george
mason
drive
as
a
result
of
the
county's
loan.
D
1334
units
will
be
committed
as
affordable
for
99
years
at
60
of
the
area
needed
income
rent
level,
the
sources
of
financing
anticipated
to
support
the
acquisition
closing.
As
of
last
week's
county
board
meeting
included
the
county
acquisition
fund
loan,
an
amazon
loan
and
equity
from
the
borrower
and
associated
investors.
D
D
The
senior
lender
subordination
agreement
establishes
the
priority
of
lien
positions
of
each
party's
deed
of
trust
and
describes
their
respective
rights
and
obligations
with
respect
to
the
borrower
and
their
assets.
The
barcroft
property
in
the
event
of
foreclosure,
the
senior
loan
will
be
in
first
lean
position,
followed
by
the
amazon
loan
and
second
lien
position
and
the
county's
loan
in
third
lean
position.
B
Thank
you
very
much,
mr
pizzo.
If
we
have
any
presentations
from
any
other
county
staff
all
right,
thank
you
so
much
and
I
know
we're
joined
by
mr
lynch
here
today.
Mr
lynch,
did
you
have
any
comments
you
wanted
to
make
or
you're
simply
available
for
questions.
B
Thank
you,
nice
to
see
you
again
all
right.
I
colleagues,
I
think
we
have
the
floor
for
an
opportunity
for
questions.
If
there
are
any
mr
carontones
mr
differential
begin
with
colleagues
in
the
room
and
then
do
a
round
of
questions
for
you
both
on
the
teleconference
ms
garvey.
E
Sure
one
that
I
know,
I
think
we're
all
interested
in
making
clear-
and
this
is
for
our
staff-
is
this
really
in
any
way
very
different
from
how
we
handle
all
of
our
loans
kind
of
like
this,
the
issue
of
subordination?
I
assume
this
is
not
terribly
different
from
what
we
usually
do
when
we
have
loans.
These
complex
loans
for
affordable
housing.
D
D
F
B
That
would
be
great,
mr
differentiated,
mr
carontonus.
Any
objections
we'll
put
a
motion
on
the
table
and
then
come
back
to
you
all
for
any.
G
Have
only
one
question
are
we
are
we
accepting
public
comment
tonight.
B
F
Great,
so
I'll
then
move
that
the
county
board
approved
the
terms
of
the
substantially
final
and
attached
senior
lender
subordination
agreement
for
the
150
million
dollar
accounting
acquisition
fund
loan
to
what
I
will
describe
as
the
barcroft
project,
and
also
that
we
authorize
and
direct
the
county
manager
to
execute,
on
behalf
of
the
board,
all
of
the
necessary
agreements
that
we
also
appoint
and
authorize
and
direct
christine
sanders
and
karen
crane,
either
of
whom
may
serve
as
trustees
of
the
county
board
to
execute
the
attached
subordination
agreement
and
other
related
documents.
F
And
then,
finally,
we
authorize
and
direct
county
manager
with
the
concurrence
of
the
county
attorney
to
act
as
the
board's
representative
in
approving
any
revisions
to
this
agreement
that
are
necessary
to
resolve
any
ambiguity
or
other
issues.
Presumably
so
this
doesn't
have
to
come
back
to
us
for
a
special
meeting
like
this.
B
Great
that's
been
moved
and
seconded
mr
dorsey
with
your
allowance,
we'll
go
to
our
colleagues
for
questions
and
then
we
can
conclude.
Thank
you
very
much,
mr
carontonis.
G
Thank
you,
madam
vice
chair.
I
have
one
question
in
the
staff
report.
I
understand
that
you
know
the
finding
a
a
principal
lender
here.
Congratulations,
mr
lynch,
by
the
way
that
seems
to
be
a
very
good
deal.
It
states
that
you
know
the
fact
that
the
loan
is
structured.
This
way
at
this
point
will
will
save
1
million
dollars
monthly
in
interest.
G
So
does
this?
My
question
is
to
ms
ritzo
how
how
does
arlington
county
benefit
from
that
exactly
I
mean
the
core
project
benefits
from
that,
because
you
know
this
is
reduces
the
the
cost
of
financing
the
project,
but
is
there
any
part
of
that
that
reflects
positively
on
the
balance
sheet
of
of
arlington
county.
D
D
H
Just
one
thanks
man
of
cheer.
My
impression
is
that
part
of
the
purpose
for
acting
quickly
here
is,
and
I
think
it's
either
for
miss
core
or
ms
rizzo
is
so
that
we
can
further
clarify
with
respect
to
an
additional
one
of
the
additional
party
that
there's
a
covenant.
That's
recorded
in
time
for
the
99-year
affordability
to
be
set
and
strengthened
slightly.
Is
that
some
of
the
reason
for
the
special
meeting
in
advance
of
what
I
perceive
to
be
closing
over
the
coming
days.
I
The
reason
for
the
special
meeting
is
just
the
timing
of
the
finances,
so
the
clarification
that
the
covenant
will
survive
all
foreclosures
even
from
the
senior
lender,
would
always
be
in
a
subordination
agreement
whether
it
came
to
the
board
today,
at
this
special
meeting
or
in
in
january,
when
we
were
anticipating
it
before
so.
As
far
as
the
timing,
it's
it's
truly
just
because
days
after
the
board
initially
approved
this
deal,
we
found
out
that
that
senior
financing
was
was
secured.
H
No
that
that
answers-
I
just
I
I
actually
appreciate,
even
though
I
know
it's
it's
unusual-
to
have
a
meeting
this
late
in
the
year
under
the
circumstances.
I
appreciate
having
this
done
at
the
in
this
order.
I
really
appreciate
staff
for
having
brought
this
forward
and
and
colleagues
for
being
available
for
this
meeting
one
way
or
the
other.
Thank
you,
madam
chair.
E
Yeah,
just
just
a
little
bit.
Thank
you
so
much
and
thank
you
all
for
coming
here
and
pulling
us
together
as
quickly
as
you
did.
Thank
you
for
our
vice
chair
filling
in
here,
and
thank
you
for
our
colleagues
from
far
far
away
coming
here.
Nice
to
see
you
again,
mr
mr
lynch
and,
I
think,
just
to
repeat
two
things
that
have
already
been
said
just
to
make
sure
people
are
really
clear
one.
E
This
is
the
way
we
usually
actually
do
things,
maybe
not
as
quickly
but
because
of
the
end
of
the
year
we've
needed
to,
but
there's
nothing
really
extraordinary
about
it
and
two,
no
matter
what
happens
with
these
loans
once
this
all
goes
through.
This
property
is
secured
as
affordable
for
99
years,
and
that
is
a
tremendous
tremendous
accomplishment
and
I'm
very
pleased
we're
able
to
do
that.
F
Thank
you,
madam
chair.
So
if
this
had
been
known
when
we
acted
on
the
14th,
this
would
have
been
wrapped
up
into
the
agreement
that
we
considered
then,
but
we
had
new
information
with
someone
else
new
coming
to
the
capital
stack,
so
we
have
to
just
procedurally
go
ahead
and
do
this.
This
is
really
rather
administrative
and
doesn't
change
anything
from
our
perspective.
F
Other
than
anything
is
mr
deferenti's
question
outline
anything
that
reduces
the
project.
Cost
projects
cost
better,
gives
us
comfort
that
we
will
have
repayment
of
our
interest-only
loan,
of
which
a
million
dollars
in
savings
is
almost
as
much
as
we
are
expecting
to
reap
on
an
annual
basis
in
the
first
five
years
of
this
loan.
G
Thank
you,
my
vice
chair.
I
echo
the
the
the
comments
just
for
the
public.
I
remember
very
distinctly
that
the
last
time
that
we
subordinated
alone
was
just
last
fall,
was
it
in
october
or
november
for
for
the
serrano.
So
we
are
we
we.
This
is
the
way
we
are
structuring
these
loans
and
we
we
are
supporting
this
kind
of
development
and
the
creation
and
maintenance
and
preservation
of
affordable
housing
in
arlington.
G
So
I'm
more
than
happy
to
support
the
the
motion
and
go
ahead,
and
I
very
much
hope
that
we
see
this
deal
closed
and
operative
as
soon
as
humanly
possible.
Thank
you.
So
much.
B
H
Just
briefly
I'll
echo,
the
enthusiasm
that
colleagues
have
and
I'll
share,
just
the
thought
that
the
opportunity
cost
of
not
acting
as
we
have
over
the
last
two
weeks
for
me
is
significant
to
note
preserving
affordability
for
these
more
than
1
300
units
is
a
huge
step
forward,
and
if
we
were
not
able
to
the
cost
to
arlington
in
terms
of
being
affordable
and
a
place
where
those
from
different
walks
of
life
can
can
live
in
and
thrive
would
be
significant.
So
thank
you.
That's
it.
B
Thanks
so
much
and
in
conclusion,
with
very
little
to
improve
upon
the
good
comments,
my
colleagues
have
made
I'll
just
echo
them
again
and
share
and
emphasize
what
mr
dorsey
said.
This
is
a
good
news
story
on
top
of
a
good
news
story.
We
appreciate
mr
lynch
moving
with
alacrity
to
secure
this
additional
source
of
financing
that
we
did
not
expect
to
see
until
early
in
the
new
year.
B
The
cost
savings
that
many
have
described
will
accrue
to
the
project,
the
crew,
to
the
benefit
of
the
project
as
well
as
arlington
county,
and
I'm
so
pleased
that
we
were
able
to
assemble,
and
so
please
that
our
county,
attorney's
office
and
housing
team
were
able
to
work
so
quickly
to
facilitate
this,
so
that
we
can
act
before
the
end
of
the
year.
Mr
lynch,
I'm
wishing
you
the
best
of
luck
in
closing,
we
are
really
excited
to
enter
2022
as
partners
all
right
with
no
further
discussion.
B
Mr
dorsey's
motion
has
been
moved
in
second
and
all
in
favor.
Please
say:
aye
aye,
aye
aye.
That
motion
passes
unanimously.
Thank
you
all
so
much.
Madam
clerk.
Is
there
any
other
material
to
come
before
the
board?
No,
there
is
not
all
right
in
that
event,
thank
you
all
again
for
assembling
happiest
of
holidays
and
see
you
in
2022.
yeah
adjourned
well
done.