HomeMy WebLinkAboutReso 59-2024 (24-351)City of South San Francisco
City Council
40 Resolution: RES 59-2024
P.O. Box 711 (City Hall, 400
Grand Avenue)
South San Francisco, CA
File Number: 24-351 Enactment Number: RES 59-2024
RESOLUTION APPROVING A PREDEVELOPMENT LOAN
AGREEMENT BETWEEN THE CITY OF SOUTH SAN
FRANCISCO AND ROTARY PLAZA, INC. FOR $1,076,383
FROM THE CITY'S LOW/ MOD- INCOME HOUSING ASSET
FUND (FUND 241) FOR THE DEVELOPMENT OF
APPROXIMATELY 65 FAMILY AFFORDABLE HOUSING
UNITS AT 522 LINDEN AND APPROVING BUDGET
AMENDMENT NUMBER 24.047 APPROPRIATING THE LOAN
AMOUNT.
WHEREAS, the local Rotary Club and its development partner, Beacon Development, have submitted a
formal written request to the City for approximately $7.5 million in funding to support a two-phase affordable housing
project at 500 and 522 Linden; and
WHEREAS, at its December 13, 2023 regular meeting, the City Council approved Resolution 187-2023 to
commit funds to the Rotary Gardens project, with $1,076,383 from the Housing Asset Fund supporting the family
building and $556,789 in PLHA funds supporting the senior affordable housing building; and
WHEREAS, to continue the process to effectuate the City's commitment, staff has drafted and negotiated
loan agreements with Rotary Plaza, Inc. This Resolution approves and authorizes execution of the loan agreement for
the family housing project at 522 Linden and approves Budget Amendment Number 24.047 appropriating funds from
the Housing Asset Fund in the amount of the loan; and
WHEREAS, the loan is secured by an Assignment of Collateral and Deed of Trust in favor of the City; and
WHEREAS, staff recommends authorizing the negotiation and execution of a predevelopment loan
agreement between the City of South San Francisco and Rotary Plaza, Inc.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco does
hereby approve the Loan Agreement between Rotary Plaza, Inc. and the City of South San Francisco substantially in
the form of Exhibit A in the amount of $1,076,383 for the predevelopment of affordable housing units at 522 Linden.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized to execute the loan agreement,
including any amendments that do not increase the City's obligations beyond those approved in this Resolution, and
any other documents necessary on behalf of the City to carry out the intent of this resolution, all subject to approval by
the City Attorney.
BE IT FURTHER RESOLVED that the City Council approves Budget Amendment Number 24.047 to
appropriate $1,076,383 in funds in the Housing Asset Fund for the predevelopment loan.
At a meeting of the City Council on 4/10/2024, a motion was made by Councilmember Nicolas,
seconded by Councilmember Nagales, that this Resolution be approved. The motion passed.
City of South San Francisco
File Number: 24-351
Enactment Number: RES 59-2024
Yes: 4 Mayor Coleman, Councilmember Addiego, Councilmember Nagales, and
Councilmember Nicolas
Absent:
Vice Mavor Flores
Attest by
Govea Acosta, City Clerk
City of South San Francisco