Loading...
HomeMy WebLinkAboutReso 194-1986RESOLUTION NO' 194-86 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING AGREEMENT OF COOPERATION AND ASSIGNMENT OF ALLOCATION BETWEEN THE COUNTY OF SAN MATEO AND THE CITY OF SOUTH SAN FRANCISCO FOR THE PURPOSE OF FINANCING A MULTIFAMILY RENTAL HOUSING PROJECT WITH RESPECT TO PROPERTY WITHIN THE CITY OF SOUTH SAN FRANCISCO AND AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY THEREOF WHEREAS, the City of South San Francisco proposes to enter into an Agreement of Cooperation and Assignment of Allocation with the County of San Mateo for the purpose of financing a multifamily rental housing project with respect to property within the City, a copy of which Agreement is attached and incorporated as Exhibit "A". NOW, THEREFORE, BE IT RESOLVED that the Mayor is hereby authorized and directed to execute the Agreement of Cooperation and Assignment of Allocation on behalf of the City. 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 regular meeting held on the lOth day of December , 198 6 , by the following vote: AYES: Councilmembers John "Jack" Drago, Richard A. Haffey, Gus Nicolopulos NOES: ABSENT: and Mark N. Addiego None Councilmember Roberta Cerri Te§lia 00000-00 JHHW'PJT kla t 1/18,'85 J298~ EXHIBIT A TO RESOLUTION NO. 194-86 AGREEMENT OF COOPERATION AND ASSIGNMENT OF ALLOCATION THIS AGREEMENT OF COOPERATION AND ASSIGNMENT OF' ALLOCATION, made and entered into as of this fifteenth day of December, 1986, by and-between the County of San Mateo (the "County")'and the City of South San Francisco (the "City"); WITNESSETH: WHEREAS, the County, pursuant to Chapter 7, commencing with Section 52075, of Part 5 of Division 31 of the California Health and Safety Code (the "Act"), proposes to undertake a multifamily rental housing finance program and to issue mortgage revenue bonds to provide funds to finance housing projects within the boundaries of both the unincorporated area of the County of San Mateo (the "County") and certain incorporated areas located in the County; WHEREAS, one of the areas within which the County proposes to provide funds to finance housing projects is within the boundaries of the incorporated area of the City; WHEREAS, the City desires to cooperate with the County in such financing as hereinafter provided; WHEREAS, the City has received an allocation (the "Allocation") of a portion of the' volume limitation for private activity bonds of the State of California from the Mortgage' Bond Allocation Committee of the State in connection with tax-exempt financing to be provided for the project described in Exhibit A hereto and by this reference incorporated herein (the "Project"); and WHEREAS, in order to assist the County in issuing tax-exempt mortgage revenue bonds to provide financing for the Project, the City desires to assign the Allocation to the County; NOW, THEREFORE, in consideration cf the terms and conditions herein set forth, it is mutually agreed as follows: Section 1. The County shall be authorized to and shall use its best efforts to provide financing for the Project; subject, however, to the applicable provisions of the above-described mortgage revenue bonds, including the availability of proceeds of such mortgage revenue bonds for such purpose. Section 2. The City hereby assigns the Allocation for the Project to the County, subject to any required approval of the Mortgage Bond Allocation Committee to such assignment. Said assignment is made by the City solely for use in connection with the issuance of tax-exempt bonds of the County the proceeds of which will be used to assist in the financing of the Project and to pay all or a portion of the costs of issuing such bonds. Section 3. In exercising its rights under Sections 1 and 2, the County may exercise within the City all of the powers of the County set forth in the Act with respect to the financing and operation of the Project and the issuance of mortgage revenue bonds therefor. Section 4. All costs and expenses incurred with respect to the iSSuance of such bonds shall be paid solely from the proceeds of the sale of the bonds, contributions or subventions by third parties or other legally available sources, and neither the City nor the County shall be. under any circumstances, liable for the payment thereof from their own funds. All services necessary to the accomplishment of the purposes of this Agreement shall be provided by the County and financed solely from the sources of funds mentioned in this Section. Section 5. The sole purpose of this Agreement in to invest the County with the jurisdiction and bonding capacity to accomplish a financing for the Project in the method and manner provided by the Act. 2 ~ TT ~ IN WITNESS WHEREOF, the County of San Mateo and the City of South San Francisco have caused this Agreement of Cooperation and Assignment of Allocation to be executed by officers thereunto duly authorized as of the date first set forth above. COUNTY OF SAN MATEO [SEAL] By Chairman of the Board of Supervisors ATTEST: Clerk of the Board of Supervisors [SEAL] CITY OF SOUTH SAN FRANCISCO / Mayor ~ ATTEST: ' c,ty APPROVED AS TO FORI'.I: City Attorney 3 RESOLUTION NO. 194-86 EXHIBIT A DESCRIPTION OF PROJECT Developer: Project: Estimated Maximum Bond Principal Amount: Magnolia Plaza General Partners:BRIDGE Prooerties/ Adams. A multifamily rental housing projec[ comprised of approximately 125 units to be located on a 3.,q.~ acre site at Grand and Maqnolia Avenues in the City of South San Francisco, California & Graves 4