HomeMy WebLinkAboutTeanaway Amendment 4 Staff ReportPage 1 of 2
Public Health Office “Study Session Staff Report”, 12/23/2024
KITTITAS COUNTY
BOARD OF COUNTY COMMISSIONERS
STAFF REPORT FOR
STUDY SESSION
Public Health Office
STUDY SESSION DATE: 4/21/2026
TOPIC: Teanaway Amendment #4
ACTION REQUESTED: Approval
LEAD STAFF: Chelsey Loeffers
RECOMMENDATION:
Kittitas County Public Health Department recommends approval of the documents created by
Pacific Law Group to move forward with an amendment for the Teanaway Project via
Hopesource.
BRIEFING SUMMARY:
• New agreement amendment includes changes to the total amount of units and the area
median income (AMI) used for the project and extends the term of the agreement.
• Additional documents were included by Pacific Law Group to the amendment and they
include the following:
o Covenant, which governs the use of the property to specific units, AMI, and
timeframe of the covenant.
o Deed of Trust and Promissory Note including reloan language, which enforces
repayment along with evidence to pay a monetary obligation to the county.
Reloan terminology allows Hopesource to forward funding to Teanaway Court
Associates LLLP.
o Priority and Subordination Agreement, which manages the repayment order of
multiple potential liens on the property.
BACKGROUND:
In 2021, Kittitas County executed an agreement for services with Hopesource. This is the fourth
amendment to that agreement as the project as changed with funding sources Hopesource used to
finalize the project. Project initially had more units and lower AMI requirements, but due to
funding and the need for sustainability with a changing affordable housing market, Hopesource
requested changes to the total number of units and an increase to AMI.
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Public Health Office “Study Session Staff Report”, 12/23/2024
DISCUSSION:
Pacifica Law Office is known for working with governments for Affordable Housing projects and
they have recommended all of the changes and additional documents. The agreement and
documents are intended to protect the intent of the funds regarding homelessness and affordable
housing funds.
FISCAL IMPACTS:
The financial terms of the agreement have not changes.
ATTACHMENTS:
Kittitas County Teanaway Court Amendment 4, Kittitas County Note, Kittitas County Covenant,
Final Collateral Assignment of Deed of Trust and Note, Final Sponsor Loan Deed of Trust, Final
Sponsor Load Promissor Note
Legal consultation? Yes: Legal Request #12127
Finance consulted? Yes