HomeMy WebLinkAboutReso RDA 4-1995 RESOLUTION NO. 4-95
REDEVELOPMENT AGENCY OF THE 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 EXECUTIVE DIRECTOR TO PREPARE
THE PROMISSORY NOTE AND DEED OF TRUST
RECITALS
1. WHEREAS, an Owner Participation Agreement has been
negotiated between Martin Metro, Inc., the South San Francisco
Redevelopment Agency. and the City of South San Francisco; and
2. WHEREAS, the Owner Participation Agreement requires
Martin Metro, Inc. to perform construction activities including
seismic retrofit of the Metropolitan Hotel Building; and
3. WHEREAS, the Owner Participation Agreement dictates that
the Redevelopment Agency/City will provide loans in the amount of
$893,950; and
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of
the city of South San Francisco that:
1. The Redevelopment Agency hereby approves and authorizes
the Chairperson to execute an Owner Participation Agreement between
the Redevelopment Agency of the city of South San Francisco and
Martin Metro, Inc. for seismic retrofit and rehabilitation of the
Metropolitan Hotel.
2. The Executive Director is further authorized to prepare
all documents necessary, including the Promissory Note and Deed of
Trust to implement the Owner Participation Agreement.
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 re.qu]ar meeting held on the
25th day of October , 1995 by the following vote:
AYES: Boardmembers Jack Draqo, Joseph A. Fernekes, Roberta Cerri
Teglia and Mayor Robert Yee
NOES: None
ABSTAIN: B0ardmember John R. Penna
ABSENT: None
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