HomeMy WebLinkAboutReso 16-2008
RESOLUTION NO. 16-2008
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION ADOPTING FINDINGS IN CONNECTION
WITH THE REDEVELOPMENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCO'S PROPOSED LOAN TO
PENINSULA HABITAT FOR HUMANITY FROM THE
AGENCY'S LOW AND MODERATE INCOME HOUSING
WHEREAS, the Redevelopnlent Agency of the City of South San Francisco ("Agency")
is a redeveloPlnent agency existing pursuant to the C0111nlunity Redevelopnlent Law, California
Health and Safety Code Section 33000, et seq. (the "CRL"), and pursuant to the authority
granted thereunder, has the responsibility to carry out the Redeveloplnent Plan ("Redevelopnlent
Plan") for the Downtown/Central Redeveloplnent Project Area ("Project Area "); and
WHEREAS, in 2005, the Agency authorized by resolution No. 15-2005 (i) execution of a
Disposition and Developnlent AgreeInent with Peninsula Habitat for HUlnanity, a California
nonprofit public benefit corporation ("Developer"), pursuant to which Agency agreed to transfer
that certain real property located near the Proj ect Area at 440 Conllnercial Avenue in South San
Francisco (the "Property") to Developer for the developnlent on the Property of four (4) single
fmnily hOlnes affordable to very 10w-incOlne households (the "Project"); and (ii) provision of a
loan to Developer in the principal a1110unt of $33,780 (the "Loan") to defray the costs of
constructing the Proj ect; and
WHEREAS, the Agency and Developer have since negotiated a Loan Agree111ent and a
Pro111issory Note; and
WHEREAS, the Loan will be funded with nlonies frOln the Agency's Low and Moderate
InCOlne Housing Fund ("Housing Fund"); and
WHEREAS, pursuant to Section 33334.2 of the CRL, the Agency nlay use Housing Fund
nlonies outside of the Project Area provided that the Agency Board and the City Council find
that the use will be of benefit to the Project Area; and
WHEREAS, the use of Housing Fund nlonies to defray the construction costs of the
Project will be of benefit to the Project Area because the Project will provide affordable housing
to very 10w-inco111e households.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that it hereby finds that the Agency's Loan to Developer to defray the costs of
constructing the Project will benefit the Project Area because the Project will provide affordable
housing to very low-inconle households.
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I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a regular lneeting held on the 13th day
of February, 2008 by the followil1g vote:
AYES:
Councihnenlbers Mark N. Addiego, Richard A. Garbarino and I(evin Mullin,
Mayor Pro Teln Karvl Matslunoto and Mavor Pedro Gonzalez
NOES:
ABSTAIN:
ABSENT:
ATTEST: