HomeMy WebLinkAboutReso 134-1996RESOLUTION NO. 134-96
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING AN OWNER PARTICIPATION
AGREEMENT BETWEEN THE CITY OF SOUTH SAN FRANCISCO
AND THE GRAND HOTEL FOR A HOME INVESTMENT PARTNERSHIP
LOAN
WHEREAS, an Owner Participation Agreement has been
negotiated between the owners of the Grand Hotel General
Partnership and the City Council of the City of South San
Francisco; and
WHEREAS, the Owner Participation Agreement sets forth the
responsibilities of the owner and incorporates the Promissory
Note and Deed of Trust, in return for certain funding for the
project from the City Council of the City of South San Francisco;
and
WHEREAS, The Owner Participation Agreement dictates that the
City Council will provide a HOME grant loan in the amount of
$400,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of South San Francisco that:
1. The City Manager is authorized and directed to execute
on behalf of the City of South San Francisco an Owner
Participation Agreement between the City of South San Francisco
and owners of the Grand Hotel General Partnership for
improvements to the Grand Hotel property located at 731 and 739
Airport Boulevard.
2. The City Manager is further authorized to executer any
and all documents necessary to assure that the Owner
Participation Agreement is carried out as stated.
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 re~u]ar meeting held on the llth day
of 5~pt~mh~r , 1996 by the following vote:
AYES:
Councilmembers Joseph A. Fernekes, Eugene R. Mullin, John R.
Penna, Robert Yee and Mayor Jack Drago
NOES: N0ne
ABSTAIN: .None
ABSENT: None
ATTEST:
GrandHotel. opa
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