HomeMy WebLinkAboutReso CC 3-2000 Joint ResolutionJOINT RESOLUTION NO. cc 3-2000
THE CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
AND
THE REDEVELOPMENT AGENCY OF THE
CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A JOINT RESOLUTION APPROVING A CONTRACT FOR LOAN
GUARANTEE ASSISTANCE WITH THE DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT FOR THE WILLOW
GARDENS REVITALIZATION PROJECT AND THE COMMUNITY
LEARNING CENTER AND AUTHORIZING THE CITY MANAGER
AND EXECUTIVE DIRECTOR TO EXECUTE THE CONTRACT AND
RELATED DOCUMENTS.
WHEREAS, on May 27, 1998 by Resolution No. 6-98, the Redevelopment Agency of the
City of South San Francisco ("Agency") approved a Participation Agreement with the Mid
Peninsula Housing Coalition for the acquisition and rehabilitation of seventeen four-plex
residential structures in the Willow Gardens planned unit development ("Project"); and,
WHEREAS, on November 18, 1997, the City of South San Francisco ("City") received a
loan gq2arantee commimmnt from HUD to provide assistance with the Project; and
WHEREAS, the City is eligible to receive grants frorn the federal Deparmmnt of Housing
and Urban Development ("HUD") under Sections 106 and 108(q) of Title I ("Grants"), which
Grants may be pledged as security for repayment of loans guaranteed by HUD; and,
WHEREAS, the City desires to enter into a Contract for Loan Guarantee Assistance with
HUD ("Contract"), a copy of which is attached as Exhibit A, wherein the City will designate the
Agency to issue the promissory notes ("Note") fbr a guaranteed loan in the total an~ount of Three
Million Eight Hundred Seventy Five Thousand Dollars ($3,785,000.00) and receive the proceeds
thereof tbr disbursement in connection with ils participation in thc Project, and wherein thc City
will pledge the Grants, as well as other security specified in the Contract, as security for HUD's
gnarantec; and,
WHEREAS, the Agency desires to issue thc Note and receive the proceeds thereof for
disbursement as a loan to Mid Peninsula in connection with the Pro~ject and desires to pledge tax
increment funds received by the Agency as additional security tbr HUD's guarantee ("Pledge,
Assignment, and Security Agreement"); and,
WHEREAS, on October 14, 1998, the City of South San Francisco approved the
Community Learning Center Project, which will promote and support lifelong learning by offering
tutoring and classes to both youth and adults in a sate, effective flcility; and,
WHEREAS, approximately $1.7 million of proceeds fi-om thc Note will be used to fund thc
Community Learning Centcr Project to benefit low-income residents that will reside in the Project
and throughout South San Francisco.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
I. The City Council of the City of South San Francisco hereby approves the Contract and
designates the Agency to act as the Borrower in connection with the Contract, including Agency's
execution of the Contract and the Note, and thrther authorizes the City Manager to execute on
behalf of the City the Contract, thc Pledge, Assignment m~d Security Agreement, and all other
documents necessary or desirable to accomplish thc transaction.
II. The Board of the Redevelopment Agency of the City of South San Francisco hereby
approves the Contract and the Note and authorizes its Executive Director to execute on behalf of
the Agency the Contract, the Note, the Pledge, Assignment and Security Agreement, and all other
documents necessary or desirable to accomplish the transaction.
I hereby ccrtit!y that the tbregoingJoint Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a Regular meeting on the 12
day of January , 2000 by the tbllowing vote:
AYES:
Councilmembers James L. Datzman, Eugene R. Mullin and John R. Penna,
Mayor Pro Tem Joseph A. Fernekes and Mayor Karyl Matsumoto
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
City Clerk
I hereby certify that the foregoing Joint Resolution was regularly introduced and adopted by the
Board of the Redevelopment Agency of the City of South San Francisco at a Regular meeting
held on the 12th day of January, 2000, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Boardmembers James L. Datzman, Eugene R. Mullin, and John R. Penna,
Vice Chair Joseph A. Femekes, and Chair Karyl Matsumoto
None
None
None
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