HomeMy WebLinkAboutRDA Minutes 2005-12-14
MINUTJES
REDEVELOPMENT AGENCY
OF THE
CITY OF SOUTH SAN FRANCISCO
REGULAR MEETING
WEDNESDAY, DECEMBER 14,2005
MUNICIP AL SERVICE BUILDING
COMMUNITY ROOM
33 ARROYO DRIVE
CALL TO ORDER
7: p.m.
(Cassette Tape No. 1)
ROLL CALL
Present:
Boardmembers, Gonzalez and Matsumoto,
Vice Chairman Garbarino and Chairman
F ernek,es
Absent:
None
AGENDA REVIEW
No changes.
PUBLIC COMMENTS
None.
CONSENT CALENDAR
1. Motion to approve the minutes of November 9, 16 and 30, 2005
2. Motion to confirm expense claims of December 14, 2005 in the amount of$91,114.97
Motion-Garbarino/Second-Gonza1ez: To approve the Consent Calendar, as submitted.
Unanimously approved by voice vote.
ADMINISTRATIVE BUSINESS
3. Resolution making a finding that without subordination of the Agency's deed of trust and
regulatory agreements, there is no economically feasible alternative financing available
for the Grand Oak housing development, and authorizing the execution of a
subordination agreement with Grand Oak Associates, the Agency and Silicon Valley
Bank
Staff report presented by Housing and Redevelopment Manager Fragoso.
Mr. Kevin Griffith, BRIDGE Housing, responded to questions regarding terms ofthe 75
year ground lease payments with San Mateo County and the City. He explained that
cash-flow is minimal in the early years, but will increase when the bonds are paid off in
30 years.
Motion-Matsumoto/Second-Garbarino: Resolution No. 22-2005, adopting findings and
authorizing execution of a subordination agreement for the Grand Oak Affordable
Housing Project. Unanimously approved by voice vote.
ADJOURNMENT
Being no further business, Chairman Fernekes adjourned the meeting at 7:33 p.m.
Submitted by:
/JiWla."I1J. ~
/ SIlvia M. Payne, Cllrk
City of South San Francisco
A~4~
~sePh A. Fernekes, Chair
City of South San Francisco
REGULAR REDEVELOPMENT AGENCY MEETING
MINUTES
DECEMBER 14,2005
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