HomeMy WebLinkAboutReso 93-2019 (19-643)City of South San Francisco P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
City Council
Resolution: RES 93-2019
File Number: 19-643 Enactment Number: RES 93-2019
RESOLUTION APPROVING THE ACQUISITION OF A BELOW
MARKER RATE (BMR) UNIT AT SOUTH CITY LIGHTS,
APPROVING BUDGET AMENDMENT NUMBER 20.009
AUTHORIZING THE EXPENSE OF $350,000 AND REVENUE OF
$525,000 IN THE CITY'S AFFORDABLE HOUSING TRUST FUND
(FUND 205) FOR THE PRESERVATION AND RESALE OF THE
BMR UNIT, AND AUTHORIZING THE CITY MANAGER TO
EXECUTE DOCUMENTS IN CONNECTION WITH SUCH
PRESERVATION AND RESALE OF THE UNIT AT A BMR PRICE.
WHEREAS, on January 9, 2002, the City Council adopted ordinance 1306-2002 approving a
Development Agreement for the Marbella Housing Development ("City Lights"); and
WHEREAS, pursuant to the Development Agreement, the developer is required to sell 70 below market
rate units ("BMR Units") to families of low- and moderate -incomes; and
WHEREAS, the City and the owner of the BMR property identified as APN 091-661-380-5,
104-540-230-0 entered into an agreement containing the Resale Restriction and Right of First Refusal
Agreement; and
WHEREAS, the City desires to exercise its option to purchase the BMR unit at APN 091-661-380-5,
104-540-230-0, pursuant to the Resale Restriction and Right of First Refusal Agreement; and
WHEREAS, the City desires to appropriate three hundred and fifty thousand dollars ($350,000) from the
Affordable Housing Trust for the acquisition of such unit, until the unit can be resold for approximately
five hundred and twenty five thousand dollars ($525,000) to a low or moderate income household, so
that the unit might remain in the City's BMR program; and,
WHEREAS, the transaction will serve the goals of the City's housing element by maintaining housing
available at affordable cost in the community; and
WHEREAS, by staff report accompanying this Resolution and incorporated herein by reference, the City
Council has been provided with additional information upon which the findings and actions set forth in
this Resolution are based.
NOW, THEREFORE, BE IT RESOLVED by the City of South San Francisco that it hereby:
Approves the acquisition of a BMR unit at South City Lights (APN 091-661-380-5, 104-540-230-0),
pursuant to terms of the existing Resale Restriction and Right of First Refusal Agreement.
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File Number: 19-643
Enactment Number. RES 93-2019
Approves Budget Amendment number 20.009, authorizing the appropriation of $350,000 and total
revenue of $525,000 in the City's Affordable Housing Trust Fund (Fund 205) for the preservation and
resale of the BMR unit.
Authorizes the City Manager (or his designee) to execute all Agreements, sign all documents, make all
approvals and take all actions necessary or appropriate to carry out and implement the intent of this
Resolution.
At a meeting of the Special City Council on 7/22/2019, a motion was made by Richard Garbarino, seconded
by Buenaflor Nicolas, that this Resolution be approved. The motion passed.
Yes: 5 Councilmember Nagales, Mayor Matsumoto, Councilmember Addiego,
Councilmember Nicolas, and Vice Mayor Garbarino
Attest by
L;k—
qsa Govea Acosta
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