HomeMy WebLinkAboutReso RDA 7-2003 RESOLUTION NO. 07-2003
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE ACQUISITION OF ONE TO
THREE UNITS IN THE OAK FARMS RESIDENTIAL DEVELOPMENT
WHEREAS, in 2001 Standard Building Company, executed a Development Agreement with
the City which required the developer to provide five units in the Oak Farms Residential
Development, located at Oak and Commercial Avenue, that would be available and affordable to
moderate income households; and
WHEREAS, the City Council had previously designated those below market rate units to be
sold to City and/or School District employees; and
WHEREAS, two of the below market rate units have been sold to School District employees
and one offer has been made by a City employee who had been undecided about the acquisition; and
WHEREAS, two below market rate units remain to be sold and are in jeopardy of converting
to market rate if not purchased upon completion of the units; and
WHEREAS, it is recommended that the Agency acquire any remaining units to ensure the
affordability is maintained; and
WHEREAS, the Agency would then advertise for a new list of applicants and sell the units at
the same cost, thus recouping the initial Agency investment.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
South San Francisco that the Redevelopment Agency hereby authorizes the acquisition of one to
three units in the Oak Farms Residential Development.
BE IT FURTHER RESOLVED that the Executive Director is hereby authorized to execute
the Purchase and Sale Agreement and to close escrow at the earliest convenience.
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 regular meeting held on the 13th
of August 2003 by the following vote:
AYES: Boardmembers Joseph A. Femekes, Richard A. Garbarino, and Raymond L.
Green, Vice-Chair Karyl Matsumoto, and Chairman Pedro Gonzalez
NOES: None.
ABSTAIN: None.
ABSENT: None.
ATTEST: