HomeMy WebLinkAboutReso RDA 10-1997 RESOLUTION NO. 10-97
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A NON-BINDING RESOLUTION OF INTENTION TO PROVIDE A
LONG-TERM LOAN TO MID-PENINSULA HOUSING COALITION
FOR CONSTRUCTION OF BELOW - MARKET RATE HOUSING
SUBJECT TO SUBSEQUENT NEGOTIATION AND APPROVAL OF
I .OAN AGREEMENT
WHEREAS, Greystone Homes has applied to the City of South San Francisco for required
approvals to construct 179 market rate residential units on the site of the McClellan Nursery property; and
WHEREAS, because this property is located within the El Camino Corridor Redevelopment
Project Area, state law requires at least 15 % of the units constructed to be low and moderate income units;
and
WHEREAS, Greystone Homes has entered into an agreement with Mid-Peninsula Housing
Coalition for the purpose of providing this required below market rate housing, and is selling 2.58 acres of
the McClellan Nursery property to Mid -Peninsula for one dollar for this purpose; and
WHEREAS, Mid-Peninsula Housing Coalition has an opportunity to construct an additional 7
affordable units on the land it will acquire from Greystone Homes, for a total of 34 below-market units
rather than 27; and
WHEREAS, in order to produce theses additional units Mid-Peninsula will be requesting a long
term loan from the Agency in the amount of approximately $505,000; and
WHEREAS, the actual loan agreement will come back to the Agency for consideration once the
project is further along, and the final loan amount might be more or less than $505,000 in amount,
depending on the construction drawings and an actual contractor's construction bid; and
WHEREAS, this resolution is intended to be entirely non-binding, and to not create any legal
obligation on the part of the Agency or the City.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of South
San Francisco that the Redevelopment Agency hereby makes a non-binding statement of intention to enter
into a long-term loan agreement with the Mid-Peninsula Coalition for construction of below-market
housing units in the amount of approximately $505,000, subject to the negotiation of loan documents and
Agency approval of the same.
---- I hereby certify that the foregoing Resolution was regularly introduced and adopted by the
Redevelopment Agency of the City of South San Francisco at a regu] ar meeting held on the 13th day
of August , 1997 by the following vote:
AYES: Boardmembers James L. ~atzman, Eugene R. Hullin, John R.
Penna, Robert Yee and Chairman Joseph A. Fernekes
NOES: None
ABSTAIN: None
ABSENT: None
Clerk
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