HomeMy WebLinkAboutRDA Reso 22-2010RESOLUTION NO. 22-2010
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION APPROVING AN INCREASE IN LOAN
AMOUNT FOR THE REHABILITATION OF THE PROPERTY
LOCATED AT 200-202 GRAND AVENUE, AND
AUTHORIZING THE EXECUTION OF AN AMENDMENT TO
AN EXISTING OWNER PARTICIPATION AND LOAN
AGREEMENT WITH DI NAPOLI PIZZERIA & RISTORANTE,
INC. AND RELATED DOCUMENTS
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, Di Napoli Pizzeria & Ristorante, Inc. ("Borrower") leases the property
located in the Project Area at 200-202 Grand Avenue, and known as San Mateo County
Assessor's Parcel No. 012-315-080 (the "Property"), and Borrower has applied to Agency for
financing in order to rehabilitate and improve the Property (the "Project");
WHEREAS, the Project is of benefit to the Project Area because it will improve the
streetscape appearance of the Property, permit Borrower to expand Borrower's restaurant, and.
provide increased job and economic development opportunities;
WHEREAS, the Agency previously approved provision of a loan to Borrower for the
Project in the amount of Three Hundred Fifty Thousand Dollars ($350,000) (the "Loan") and
approved execution of an Owner Participation and Loan Agreement (the "OPA") between
Agency and Borrower describing the terms and conditions :for the Loan;
WHEREAS, in order to complete the Project the Borrower has requested an increase in
the Loan amount in an amount not to exceed Thirty-Five Thousand Two Hundred Dollars
($35,200) (the "Additional Advance"); and
WHEREAS, Borrower and Agency staff have negotiated the following documents which
set forth the terms and conditions for the Additional Advance: (i) an Amendment to Owner
Participation Agreement (the "OPA Amendment"); (ii) an Amended and Restated Secured
Promissory Note (the "Restated Note"); and (iii) an amendment to the existing Deed of Trust,
Assignment of Rents, Security Agreement and Fixture Filing (the "Deed of Trust
Amendment") (all of the foregoing, collectively, the "Amended Loan Documents").
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 OPA
Amendment and the provision of the Additional Advance 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 Additional Advance pursuant to the terms and conditions
set forth in the Amended Loan Documents.
3. Approves the Amended Loan Documents; authorizes the Executive Director or his
designee to execute and deliver the OPA Amendment and the Deed of Trust Amendment
substantially in the form on file with the Agency Secretary; and authorizes the recordation of the
Deed of Trust Amendment 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 regular meeting held on the
Stn day of December, 2010 by the following vote:
AYES: Boardmembers Mark Addiego Pedro Gonzalez, and Karyl Matsumoto,
NOES:
ABSTAIN:
ABSENT:
Vice Chair Richard A. Garbarino and Chairman Kevin Mullin
A'~TEST:
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City Clerk