HomeMy WebLinkAboutRDA Reso 03-2009RESOLUTION NO. 03-2009
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION APPROVING THE EXECUTION OF AN
OWNER PARTICIPATION AND LOAN AGREEMENT WITH
JEAN ERIC, LLC., APPROVING THE PROVISION OF A
LOAN FOR THE REHABILITATION OF THE PROPERTY
LOCATED AT 363 GRAND AVENUE SOUTH SAN
FRANCISCO, CA 94080, AND AUTHORIZING THE
EXECUTION OF DOCUMENTS IN CONNECTION WITH
SUCH FINANCING
WHEREAS, the Redevelopment Agency of the City of South San Francisco ("Agency")
is a redevelopment agency existing pursuant to the Community Redevelopment Law, California
Health and Safety Code Section 33000, et seq. (the "CRL"), and pursuant to the authority
granted thereunder, has the responsibility to carry out the Redevelopment Plan (the
"Redevelopment Plan") for the Downtown/Central Redevelopment Project Area (the "Project
Area");
WHEREAS, the Agency operates a commercial rehabilitation loan program pursuant to
which the Agency provides financing for the rehabilitation of buildings located within the
Project Area;
WHEREAS, Jean Eric, LLC. ("Owner") is the owner of the property located in Project
Area at 363 Grand Avenue South San Francisco, CA 94080, and known as San Mateo County
Assessor's Parcel No. 012313060 (the "Property"), and Owner has applied to Agency for
financing in order to rehabilitate and improve the Property (the "Project");
WHEREAS, the Project will be of benefit to the Project Area because it will improve the
streetscape appearance of the Property and provide increased job and economic development
opportunities;
WHEREAS, the terms and conditions for the rehabilitation of the Property and the
financing of the Project are more particularly described in a proposed Owner Participation and
Loan Agreement (the "OPA") between Agency and Owner, copies of which have been provided
to the Agency;
WHEREAS, the proposed Agency financing for the Project includes a loan in the amount
of Three Hundred Fifty Thousand Dollars ($350,000) (the "Loan");
WHEREAS, the Project would be infeasible without the Loan; and
WHEREAS, Owner and Agency staff have negotiated the terms and conditions of (i) a
Secured Promissory Note (the "Note") that provides for repayment of the Loan over a twenty
(20) year term; and (ii) a Deed of Trust, Assignment: of Rents, Security Agreement and Fixture
Filing (the "Deed of Trust") pursuant to which the Agency will be provided a security interest in
the Property to secure repayment of the Loan.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
City of South San. Francisco that it hereby:
1. Finds that the rehabilitation of the Property in accordance with the OPA and the provision
of the Loan for the Project will be of benefit to the .Project Area, will further the goals of the
Redevelopment Plan, and will be consistent with the implementation plan adopted in connection
therewith.
2. Approves the provision of the Loan pursuant to the terms and conditions set forth in the
OPA.
3. Approves the OPA, the Note, and the Deed of Trust; authorizes the Executive Director or
his designee to execute and deliver the OPA and the Memorandum of the OPA substantially in
the form on file with the Agency Secretary; and authorizes the recordation of a Memorandum of
the OPA in the Official Records of San Mateo County.
4. Authorizes the Executive Director or his designee to execute and deliver such other
instruments and to take such other actions as necessary to carry out the intent of this Resolution.
* * * ~
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
1 lth day of March, 2009 by the following vote:
AYES: Boardmembers Pedro Gonzalez, Richard A. Garbarino, and Kevin Mullin,
Vice Chair Mark Addie~o and Chair Karyl Matsumoto
NOES:
ABSTAIN: None
ABSENT: None
ATTEST : ~ 2's~ _
,- ; ' y Clerk
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