RESOLUTION NO. _____________ |
BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA |
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RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT WITH THE CROSSINGS PHASE I, L.P. TO PROVIDE FUNDING IN THE AMOUNT OF $1,700,000 TO ASSIST IN LAND ACQUISITION FOR THE DEVELOPMENT OF SENIOR HOUSING IN SAN BRUNO , FOR THE TERM BEGINNING UPON EXECUTION AND ENDING FORTY YEARS AFTER EXECUTION OF PROMISSORY NOTE SECURED BY THE REAL PROPERTY; AND TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF HOUSING TO EXECUTE SUBSEQUENT AMENDMENTS AND MINOR MODIFICATIONS IN THE TYPES OF SERVICES AND ACTIVITIES PROVIDED BY THE CROSSINGS PHASE I, L.P. UNDER THE AGREEMENT, WITH THE CUMULATIVE COST OF AMENDMENTS AND MODIFICATIONS NOT TO EXCEED $25,000 |
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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that |
WHEREAS, on May 4, 2004, the Board of Supervisors approved set-aside funds in the Housing Development Reserve for inclusion in the Community Development Block Grant, ESG and HOME Action Plan for Fiscal Year 2004-2005; and |
WHEREAS, Citizens Housing Corporation (“CHC”), applied for funding assistance through the Housing Development Reserve Fund for land acquisition to develop 114 units of affordable senior housing in San Bruno (“Project”); and |
WHEREAS, the total development consists of some 228 units, of which the funding provided under this Agreement applies to Phase I only (114 units); and |
WHEREAS, CHC and the for-profit entity, KDF Communities, LLC (“KDF”) are co-developers of Project; and |
WHEREAS, both KDF and Stevenson Housing Corporation, an affiliate of CHC, have each respectively formed an affiliated limited liability company, to act as co-managing general partners of The Crossings Phase I, L.P. (“Contractor”); and |
WHEREAS, on October 28, 2004, the County’s Housing and Community Development Committee (HCDC), the advisory body to the Board on CDBG, HOME, and ESG funding recommendations, recommended $1,700,000 of CDBG funds toward site acquisition for the Project; and |
WHEREAS, both parties now wish to enter into an Agreement, to provide funding to assist in land acquisition for the development of Senior Housing in San Bruno for the period through forty years beginning upon execution of the promissory note secured by real property to be purchased with funds provided in this Agreement, for a total obligation of $1,700,000; and |
WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance, an Agreement between the County of San Mateo and Contractor, reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved the same as to form and content and desires to enter into the same. |
NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the President of this Board of Supervisors be, and is hereby authorized and directed to execute said Agreement for and on behalf of the County of San Mateo, and the Clerk of this Board shall attest the President’s signature thereto. |
BE IT FURTHER RESOLVED, that the Director of the Department of Housing shall be authorized to execute subsequent amendments and minor modifications in the types of services and activities provided by The Crossings Phase I, L.P. under the Agreement, with the cumulative cost of amendments and modifications not to exceed $25,000. |
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