HomeMy WebLinkAboutReso RDA 6-1998 RESOLUTION NO. 6-98
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION APPROVING THE PARTICIPATION
AGREEMENTS WITH MID PENINSULA HOUSING COALITION
FOR WILLOW GARDENS REVITALIZATION PROJECT,
APPROVING A PARTICIPATION AGREEMENT WITH SAN
MATEO COUNTY HOME CONSORTIUM, APPROVING A
FEDERAL SECTION 108 LOAN FUND AGREEMENT AND
AUTHORIZING EXPENDITURE OF 3.5 MILLION DOLLARS OF
AGENCY HOUSING FUND RESERVES FOR WILLOW GARDENS
ACQUISTION AND REHABILITATION COSTS SUBJECT TO
APPROVAL OF A PROMISSORY NOTE, DEED OF TRUST AND
RENT REGULATORY AGREEMENT
WHEREAS, staff recommends that the Redevelopment Agency Board authorize execution of
the Participation Agreements between Mid Peninsula Housing Coalition and the Redevelopment
Agency; and
WHEREAS, at the City Council meeting of April 22, 1998, the Agency Board authorized staff
to draft Participation Agreements between Mid Peninsula Housing Coalition and the Redevelopment
Agency for the acquisition and rehabilitation of seventeen (17) four plex structures in the Willow
gardens planned unit development; and
WHEREAS, the acquisition of this building will be based on the appraised market value; and
WHEREAS, Mid Peninsula will manage the building upon taking possession of this and future
building acquisitions prior to the start of construction, which is anticipated to begin in May of 1999.
NOW THEREFORE, BE IT RESOLVED, by the Redevelopment Agency of the City of South
San Francisco that the Redevelopment Agency hereby authorizes the Executive Director to execute the
Participation Agreements with Mid-Peninsula Housing Coalition for Willow Gardens revitalization
project, a Participation Agreement with San Mateo County Home Consortium, a Federal Section 108
Loan Fund Agreement, and authorizes expenditure of 3.5 million dollars of Agency Housing Fund
reserves for Willow Gardens acquisition and rehabilitation costs subject to approval of a Promissory
Note, Deed of Trust and Rent Regulatory Agreement.
... I hereby certify that the foregoing Resolution was regularly imroduced and adopted by the
Redevelopment Agency of the City of South San Francisco at a re.qul ar meeting held on the 27
day of May ,1998 by the following vote:
AYES: Boardmembers James L. Datzman, Joseph A. Fernekes,
Karyl Matsumoto and Chairman Eugene R. Mullin
NOES: None
ABSTAIN: None
ABSENT: Boardmemb-r John R. Penna
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