HomeMy WebLinkAboutReso 138-2015 RESOLUTION NO. 138-2015
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
RESOLUTION APPROVING A FIRST AMENDMENT TO THE
AFFORDABLE HOUSING AGREEMENT WITH CITY
VENTURES FOR THE PROJECT AT 1256 MISSION ROAD.
WHEREAS, on February 25, 2015, the City Council approved a Tentative Subdivision
Map and Affordable Housing Agreement with City Ventures to construct a 36-unit residential
development with a mix of townhomes and single family dwellings at 1256 Mission Road (the
"Property"); and
WHEREAS, as a condition of development of the project, City Ventures must comply
with the City of South San Francisco's housing policies and programs as set forth in the City's
Inclusionary Housing Ordinance first adopted by the City Council on December 12, 2001, as it
applies to the provision of affordable housing; and
WHEREAS, as a condition of developing and constructing thirty-six (36) condominiums
on the Property, City Ventures entered into an Affordable Housing Agreement with the City and
shall designate seven (7) units as Below Market Rate Units and shall make these units available
for sale as Below Market Rate Unit; and
WHEREAS, City Ventures is refinancing a short-term bridge loan into a construction
loan and the construction lender desires to preserve its rights and remedies in the event of default
by developer; and
WHEREAS, the City desires to amend the Affordable Housing Agreement to allow the
transfer of property prior to the sale of below market units in the case of lien encumbrances with
respect to financing, transfers resulting from lenders' exercise of rights and remedies including
foreclosure, and the sale of market rate units.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco hereby approves the first amendment to Affordable Housing Agreement with City
Ventures, attached hereto as Exhibit A and incorporated herein.
BE IT FURTHER RESOLVED that the City Manager of the City of South San Francisco
is hereby authorized and directed to execute the Amendment on behalf of the City of South San
Francisco, subject to approval as to form by the City Attorney, and to take any other action
consistent with the intent of this Resolution.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a special meeting held on the 18 day of
November, 2015 by the following vote:
AYES: Councilmembers Karyl Matsumoto, Pradeep Gupta, and Liza Normandy
Vice Mayor Mark N. Addiego and Mayor Richard A. Garbarino
NOES: None
ABSTAIN: None
ABSENT: None
Aer
ATTES
triartrrielli, City Clerk
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