HomeMy WebLinkAboutReso RDA 12-1998 RESOLUTION NO. 12-98
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE FINAL VERSION OF THE PROMISSORY
NOTE AND DEED OF TRUST FOR THE METROPOLITAN HOTEL RETROFIT
WHEREAS, the Redevelopment Agency previously approved two Promissory Notes and Deeds of Trusts
related to the retrofit of the Metropolitan Hotel;
WHEREAS, pursuant to the terms of the Owner Participation Agreement related to the Metropolitan Hotel,
the owner was required to submit the total cost of the improvements upon completion of said improvements;
WHEREAS, based upon the preexisting outstanding debt and the total costs of the improvements, the
amount presently outstanding is $1,194,000;
WHEREAS, the Redevelopment Agency desires to have the final version of the Promissory Note and Deed
of Trust reflect the total amount owed.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of South San
Francisco that:
1. The Redevelopment Agency hereby approves the Promissory Note and the final amount owing of
$1,194,000.
2. The Redevelopment Agency further approves the Deed of Trust in favor of the Agency securing
the outstanding debt set forth in the Promissory Note.
3. The Redevelopment Agency directs the Agency Clerk to record the Deed of Trust.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City
Redevelopment Agency of the City of South San Francisco at a regu ] a r meeting held on the l Z~th day of
Qctober , 1998 by the following vote:
AYES: Boardm~.mborq ,lames A, Datzman, Joseph A. Fernekes, Karyl
Matsumoto and Chairman Eugene R. Mullin
NOES: None
ABSTAIN: Boardmember 3ohn R. Ponna
ABSENT: Non~.
ATTEST: ~~~Clerk~ ~
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