RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT WITH BRIDGE REGIONAL PARTNERS, INC. IN THE AMOUNT OF $500,000 TO ASSIST WITH THE DEVELOPMENT OF COLMA TRANSIT VILLAGE APARTMENTS

FOR A TERM OF 55 YEARS, AND

AUTHORIZING THE DIRECTOR OF THE DEPARTMENT OF HOUSING TO EXECUTE SUBSEQUENT AMENDMENTS TO THE AGREEMENT, AND TO MAKE MINOR MODIFICATIONS IN THE TYPES OF SERVICES AND ACTIVITIES PROVIDED UNDER THE AGREEMENT, THE CUMULATIVE COST OF WHICH AMENDMENTS AND MODIFICATIONS IS 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, pursuant to Government Code, Section 31000, County may contract with independent contractors for the furnishing of such services to or for County or any Department thereof; and

WHEREAS, BRIDGE Housing Corporation, an affiliate nonprofit of BRIDGE Regional Partners, Inc. (“Contractor”), applied for funding assistance for the development of the Colma Transit Village Apartments, comprising an anticipated 170 units of family housing at 7880 El Camino Real, on unincorporated County land near the Town of Colma ; and

WHEREAS, on May 3, 2005, the Board of Supervisors approved the CDBG/ESG/ HOME funding for FY 2005-06, which included $500,000 for this purpose; and

WHEREAS, the Project site has been designated by the Colma BART Area Specific Plan for higher density housing development; and

WHEREAS, the real property to be acquired for the Project is currently in escrow and during this escrow period prior to acquiring title, Contractor will incur predevelopment costs; and

WHEREAS, County is agreeable to providing up to $250,000 unsecured at-risk funds for eligible predevelopment costs until Contractor takes title to the property at which time County would secure the entire funding of $500,000 with a deed of trust recorded on the property and then be able to release the remaining $250,000 for additional eligible predevelopment costs; and

WHEREAS, County has developed performance benchmarks for incremental predevelopment expenditures during the at-risk period to ensure that the County funds are spent cautiously and prudently; and

WHEREAS, both County and Contractor wish to enter into an Agreement formalizing the above terms to assist the Project for a total obligation of $500,000 and for a term beginning upon execution through not more than 55 years after receipt of a certificate of occupancy for the Project; 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 RESOLVED 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 modifications to said Agreement during the term of the Agreement, provided however, that such authority is limited to (a) reducing or increasing the County’s maximum fiscal obligation, provided, however that such increases shall be limited to a total of $25,000; and (b) making changes in the types of services and activities provided by Contractor, provided that the changes have no impact on the County’s maximum fiscal obligation to Contractor.

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