RESOLUTION NO. _____________

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

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RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH COACH OF SAN DIEGO, INC. IN THE AMOUNT OF $300,000 FOR COMMON AREA RENOVATION OF PILLAR RIDGE MOBILE HOME PARK FOR A TERM OF 55 YEARS OR LESS , 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, COACH of San Diego, Inc. (“Contractor”) applied for funding assistance to continue its upgrades of Pillar Ridge Mobile Home Park in Moss Beach, California (“Project”); and

WHEREAS, Pillar Ridge Mobile Home Park (“Park”) was formerly known as El Granada Mobile Home Park, a 227-space park, of which at least 75% of the units must remain affordable to low-income households in accordance with the terms of the tax-exempt financing obtained by Contractor as part of the Park acquisition; and

WHEREAS, Millennium Housing Corporation, an affiliate of the Contractor and also a nonprofit, had been previously approved by the County Board of Supervisors on November 11, 2004, by Resolution No. 067016, to receive FY 04-05 CDBG funds of $350,000 for the Project; and

WHEREAS, County approved assigning the obligations of the $350,000 funding agreement from Millennium Housing Corporation to Contractor on December 8, 2004 via the Deed of Trust Rider, which was recorded in the County Recorder’s Office on December 15, 2004; and

WHEREAS, Contractor is the legal owner of title of the Park; and

WHEREAS, on May 3, 2005, the Board of Supervisors approved the CDBG Action Plan projects for FY 2005-06, which included $300,000 for the Project; and

WHEREAS, both County and Contractor wish to enter into an agreement delineating the business terms of the funding to assist the Project, for a term beginning upon execution through not more than 55 years after the execution of the Promissory Note, for a total obligation of $300,000; 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 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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