HomeMy WebLinkAboutReso RDA 18-1996 RESOLUTION NO. 18-96
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION APPROVING AN OWNER
PARTICIPATION AGREEMENT WITH THE OWNERS
OF THE LIBERTY HOTEL WHICH INCLUDES A
$150,000 REHABILITATION LOAN AUTHORIZING
THE EXECUTIVE DIRECTOR TO EXECUTE THE
NECRSSARY T.OAN DOCUMENTS
WHEREAS, the Agency and the Owners have mutually agreed upon
a long term partnership to preserve and rehabilitate the Liberty
Hotel and provide affordable housing to the community for a period
of twenty years; and
WHEREAS, it is proposed that both the Redevelopment Agency
Housing Fund and the HOME Investment Partnership Fund provide the
resources to undertake this renovation; and
WHEREAS, the City has applied for and received $154,000 from
the HOME Consortium for fiscal year 1996-97; and
WHEREAS, the HOME Program requires a local match, and it is
proposed that the Redevelopment Agency allocate $150,000 to the
project;
NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency of
the City of South San Francisco that it hereby approves an Owner
Participation Agreement with the owners of the Liberty Hotel,
located at 421 Cypress Avenue, for a rehabilitation loan of
$150,000 from the Redevelopment Agency ' s Housing Fund and
authorizes the Executive Director to enter into and execute as
necessary the loan documents, including the Promissory Note, Deed
of Trust, and Rent Regulatory Agreement.
BE IT FURTHER RESOLVED that the Clerk is hereby directed to
record the Deed of Trust.
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 special meeting held on the 18th
day of December , 1996, by the following vote:
AYES: Roardmembers Eugene R. Mullin, John R. Penna, Robert Yee and
Chairman Joseph A. Fernekes
NOES: None
ABSTAIN: Nnnp
ABSENT: None
Redevelopment Agency the
liberty City of South San Francisco