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