RESOLUTION NO. _____________

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

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RESOLUTION AUTHORIZING (1) THE EXECUTION OF AN ASSIGNMENT OF AND AMENDMENT TO THE AGREEMENT WITH BRIDGE REGIONAL PARTNERS, REGARDING TRESTLE GLEN APARTMENTS; (2) THE DIRECTOR OF THE DEPARTMENT OF HOUSING OR THE DIRECTOR’S DESIGNEE TO EXECUTE SUBSEQUENT AMENDMENTS; AND (3) THE $1.5 MILLION HELP PROGRAM LOAN TRANSACTIONS

RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, County and BRIDGE REGIONAL PARTNERS (“BRIDGE”) have entered into a loan agreement regarding the development of Colma Transit Village Apartments, which agreement is dated December 6, 2005 and concerns a $500,000 loan (the “Agreement”). The affordable housing portion of the Colma Transit Village Apartments is known as Trestle Glen Apartments and is comprised of 123 units (“Project”); and

WHEREAS, on March 24, 2006, a loan agreement with the California Housing Finance Agency for a HELP Loan in the principal amount of $1,500,000 to assist in the financing of the Project (“HELP Loan”) was executed; and

WHEREAS, on May 2, 2006, by Resolution No. 067944, the County Board of Supervisors approved the County’s FY 2006-07 Action Plan, which included another $1.5 million of a combination of CDBG and HOME funds to assist in Project development; and

WHEREAS, support of the Project is further evidenced by a HEART commitment in February 2006 of $1.76 million; and

WHEREAS, BRIDGE anticipates equity financing from low income housing tax credits and as such, will assign its rights and obligations under the Agreement to Northpoint Housing, Inc., a nonprofit corporation that is a wholly-owned subsidiary of BRIDGE (“Northpoint) in order to facilitate tax credit structurings for the Project; and

WHEREAS, Northpoint and BRIDGE wish to amend the Agreement by adding up to $1.5 million to the existing $500,000, for a total current obligation of $2,000,000 for the original term of 55 years;

WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance, an Assignment of and Amendment to Agreement between the County of San Mateo and BRIDGE Regional Partners (“Assignment and Amendment to Agreement”), 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.

WHEREAS, there has been presented to this Board of Supervisors for its consideration and confirmation, a $1.5 million Loan Agreement between the County, as borrower, and CalHFA as lender, under the HELP Program; and a $1.5 million Loan Agreement between the County, as lender, and BRIDGE Regional Partners, as borrower, regarding the HELP Program Funds (“the HELP Program Loan Transactions”), reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved and confirmed 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 Assignment and Amendment to 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 or the Director’s designee shall be authorized to execute subsequent amendments to the Agreement which modify the County’s maximum fiscal obligation by no more than $25,000 (in aggregate), and/or modify the contract term and/or services so long as the modified term or services is/are within the current or revised fiscal provisions.

BE IT FURTHER RESOLVED, that it is confirmed that the Director of the Department of Housing is authorized and directed to execute the HELP Program Loan Transactions documents as necessary to effectuate said transactions.

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