HomeMy WebLinkAboutReso 123-1995 RESOLUTION NO. 123-95
CITY COUNCIL' CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING AN OWNER PARTICIPATION AGREEMENT
BETWEEN THE CITY OF SOUTH SAN FRANCISCO, THE SOUTH SAN
FRANCISCO REDEVELOPMENT AGENCY AND MARTIN METRO, INC.
FOR SEISMIC RETROFIT AND REHABILITATION OF THE
METROPOLITAN HOTEL, 220 LINDEN AND 261 AND 265 GRAND
AVENUE AND DIRECTING THE CITY MANAGER TO PREPARE THE
PROMISSORY NOTE AND DEED OF TRUST
RECITALS
1. WHEREAS, an Owner Participation Agreement has been
negotiated between the owners of the Metropolitan Hotel, and the
Redevelopment Agency and City Council of the City of South San
Francisco~ an~
2. WHEREAS, the Owner Participation Agreement sets forth the
responsibilities of the owner in completing the retrofitting and
upgrading of the Metropolitan Hotel, in return for certain funding
for the project from the Redevelopment Agency and the City Council~
and
~. WHEREAS, the Owner Participation Agreement dictates that
the C~ty/Redevelopment Agency w~ll provide loans in the amount of
$893,950 and a HOME Grant of $430,000~
NOW, THErEFORe, BE IT RESOLVED by the City Council of the City
of South San Francisco that:
1. Thei City Manager is authorized to execute an Owner
Participation Agreement between the City of South San Francisco and
Martin Metro, Inc. for seismic retrofit and rehabilltation of the
Metropolltan Eotel.
2. The City Manager is further authorized to execute 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 an~ adopted by the City Council of the City of South San
Francisco at a reQular meeting held on the 25th day of
October , 1995 by the following vote:
AYES: CoJncilmembers Jack Drago, Roberta Cerri Teglia and
Ma ,or Robert Yee
NOES: No we
ABSTAIN: CoJncilmember John R. Penna
ABSENT: Co~ncilmember Joseph A. Fernekes
ATTEST: ~~~~. ~~
City Clerk ~
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