HomeMy WebLinkAboutRDA Reso 21-2011 RESOLUTION NO. 21 -2011
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION APPROVING THE PROVISION OF
ADDITIONAL FINANCING TO RISTORANTE BUON GUSTO
FOR THE REHABILITATION OF THE PROPERTY LOCATED
AT 222 -224 GRAND AVENUE, AND AUTHORIZING THE
EXECUTION OF DOCUMENTS IN CONNECTION WITH
SUCH ADDITIONAL FINANCING
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, Ristorante Buon Gusto, a California corporation ( "Borrower ") leases the
property located in the Project Area at 222 -224 Grand Avenue, and known as San Mateo County
Assessor's Parcel No. 012 - 315 -120 (the "Property ");
WHEREAS, Borrower applied to Agency for financing in order to rehabilitate and
improve the Property (the "Project "), and Agency previously approved a loan in the amount of
Six Hundred Fifty Thousand Dollars ($650,000) (the "Original Agency Loan ");
WHEREAS, the Project will be 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 terms and conditions for the rehabilitation of the Property and the
Original Agency Loan are more particularly described in an Owner Participation and Loan
Agreement (the "OPA "), a Secured Promissory Note (the "Note "), and a Security Agreement
(the "Security Agreement ") previously approved by the Agency (all of the foregoing,
collectively, the "Loan Documents ");
WHEREAS, the Borrower has requested an increase in the Original Agency Loan
amount in the amount of Seventy -Five Thousand Dollars ($75,000) ( "Additional Financing ");
and
WHEREAS, completion of the Project will be infeasible without the Additional
Financing.
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 Loan Documents, and
the provision of the Additional Financing 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 Financing consistent with the terms of the
Original Loan.
3. Authorizes the Executive Director or his designee to execute and deliver amendments to
the Loan Documents to reflect the Additional Financing, and to execute such other instruments
and to take such other actions as necessary to carry out the intent of this Resolution, including
without limitation the filing of instruments with the California Secretary of State in order to
perfect the Agency's interest in Borrower's personal property.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the Board of the Redevelopment Agency of South San Francisco at a regular meeting
held on the 8 day of June, 2011 by the following vote:
AYES: Boardmembers Mark Addiego and Pedro Gonzalez,
Vice Chair Richard A. Garbarino and Chairman Kevin Mullin
NOES: None
ABSTAIN: None
ABSENT: Boardmember Karyl Matsumoto
ATT 1ST: 1,411A
I rge46 0 ecretary