HomeMy WebLinkAboutReso RDA 3-2001 RESOLUTION NO. 03-2001
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING AN AMENDMENT TO THE
BRIDGE HOUSING CORPORATION PERMANENT LOAN
AGREEMENT FOR AN ADDITIONAL AMOUNT NOT TO
EXCEED $720,000 FOR THE CHESTNUT CREEK SENIOR
HOUSING PROJECT, AND AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE THE AMENDMENT AND AIJJ
REQUIRED DOCUMENTS NECESSARY TO SECURE THE
FEDERAL SECTION 202 CONSTRUCTION GRANT FUNDS FOR
THIS PROJF. CT
WHEREAS, on November 21, 2000, the Redevelopment Agency authorized a permanent
loan agreement with BRIDGE Housing Corporation, in the amount of 2.7 million dollars, to finance
the acquisition of the property and those portions of the development and construction costs not paid
by the HUD 202 grant, for the Chestnut Creek Senior Housing Project, to be located at the comer
of Mission Road and Chestnut Avenue.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
South San Francisco that the Agency hereby authorizes an amendment to the BRIDGE Housing
Corporation Permanent Loan Agreement for an additional amount not to exceed $720,000 for the
Chestnut Creek Senior Housing Project, authorizes the Executive Director to execute the
Amendment and all required documents necessary to secure the Federal Section 202 construction
grant funds for this project.
BE IT, FURTHER RESOLVED that an Operating Budget (No. 02-2) is hereby approved to
add $720,000 to the Chestnut Creek Senior Housing Project with funding from the Redevelopment
Agency Housing Fund Undesignated Reserve.
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 15th
day of August, 2001 by the following vote:
AYES: Boardmembers Pedro Gonzalez, Karyl Matsumoto and John R. Penna,
Vice-Chair Eugene R. Mullin and Chairman Joseph A. Femekes
NOES: None.
ABSTAIN: None.
ABSENT: None.
ATTEST: ~9,~ ~t,~' /'90,
Q' Clerk