HomeMy WebLinkAboutReso 176-1996RESOLUTION NO. 176-96
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING AN OWNER PARTICIPATION
AGREEMENT WITH THE OWNERS OF THE LIBERTY HOTEL FOR
A REHABILITATION LOAN FROM THE CITY'S HOME
CONSORTIUM INVESTMENT FUND AND AUTHORIZING THE CITY
MANAGER TO EXECUTE THE NECESSARY LOAN DOCUMENTS
WHEREAS, the City and the Owners have mutually agreed upon a
long term partnership to preserve and rehabilitate the Liberty
Hotel and provide affordable housing to the community for a period
of twenty years; and
WHEREAS, it is proposed that both the Redevelopment Agency
Housing Fund and the HOME Investment Partnership Fund provide the
resources to undertake this renovation; and
WHEREAS, the City has applied for and received $154,000 from
the HOME Consortium for fiscal year 1996-97; and
WHEREAS, the HOME Program requires a local match, and it is
proposed that the Redevelopment Agency allocate $150,000 to the
project;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City of South San Francisco that it hereby approves an Owner
Participation Agreement with the owners of the Liberty Hotel,
located at 421 Cypress Avenue, for a rehabilitation loan of
$154,000 from the City's HOME Consortium Investment Fund and
authorizes the City Manager to enter into and execute as necessary
the loan documents, including the Promissory Note, Deed of Trust,
and Rent Regulatory Agreement.
BE IT FURTHER RESOLVED that the City Clerk is hereby directed
to record the Deed of Trust.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the City Council of the City of South San
Francisco at a special meeting held on the 18th day of
December , 1996~ by the following vote:
AYES: Councilmembers Eu.qene R. Mullin, John R. Penna, Robert Yee
and Mayor Joseph A. Fernekes
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
AALIBERTY.CC