HomeMy WebLinkAboutReso 51-2010RESOLUTION NO. 51-2010
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION ADOPTING FINDINGS THAT THE
PROVISION OF LOANS FOR THE DEVELOPMENT OF A
MIXED-USE AFFORDABLE HOUSING DEVELOPMENT AT
636 EL CAMINO REAL WILL BE OF BENEFIT TO THE EL
CAMINO CORRIDOR REDEVELOPMENT PROJECT AREA.
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 El Camino Corridor Redevelopment Project Area (the "Project
Area");
WHEREAS, the Agency seeks development of certain real property located in the City of
South San Francisco adjacent to the Project Area at 636 El Camino Real and known as San
Mateo County Assessor's Parcel No. 014-160-040 (the "Property");
WHEREAS, MP South City, L.P., a California limited partnership and MP South City II,
L.P., a California limited partnership (collectively, the "Developers") propose to develop a
mixed-use residential development on the Property that will be available at affordable rents to
low-, very low-, and moderate- income households (the "Project");
WHEREAS, the Project will be of benefit to the Project Area because it will be in close
proximity to the Project Area and will increase the supply of housing that is affordable to low-
and moderate-income residents of the Project Area and the City;
WHEREAS, the proposed Agency financing for the Project includes loans in the
aggregate principal amount of Nine Million, Five Hundred and Nine Thousand Dollars
($9,509,000) (the "Loans") to be funded from the Agency's Low and Moderate-Income Housing
Set-Aside Fund; and
WHEREAS, the terms and conditions for the proposed Loans are more particularly
described in Loan Term Sheets, copies of which have been provided to the City Council;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of South San
Francisco that it hereby finds that the development of the Property in accordance with the OPA
and the provision of the Loans for the Project will facilitate the development of housing for low,
very low- and moderate-income households and will be of benefit to the Project Area.
* ~ ~ * ~
I hereby certify that the foregoing Resolution was regularly introduced and ado~ted by
the City Council of the City of South San Francisco at a regular meeting held on the 23r day of
June, 2010 by the following vote:
AYES: Councilmembers Pedro Gonzalez, Richard A. Garbarino, and Karyl Matsumoto,
Vice Mavor Kevin Mullin and Mavor Mark Addie
NOES: None
ABSTAIN: None
ABSENT: None