RESOLUTION NO. _____________

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

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RESOLUTION AUTHORIZING: (1) THE DIRECTOR OF HOUSING TO
EXECUTE AN AGREEMENT WITH TRESTLE GLEN ASSOCIATES FOR $1,500,000 HELP FUNDS TO ASSIST WITH THE DEVELOPMENT OF TRESTLE GLEN APARTMENTS FOR THE PERIOD MARCH 24, 2006 THROUGH MARCH 23, 2016; AND (2) THE DIRECTOR OF THE DEPARTMENT OF HOUSING OR THE DIRECTOR’S DESIGNEE TO EXECUTE CONTRACT AMENDMENTS OR OTHER DOCUMENTS AS MAY BE APPROPRIATE TO ACHIEVE THE INTENT OF THE AGREEMENT, SO LONG AS THE COUNTY’S COUNTY'S MAXIMUM FISCAL OBLIGATION IS NOT MODIFIED BY NO MORE THAN $25,000 IN AGGREGATE

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

WHEREAS, Trestle Glen Apartments at El Camino Transit Village (the “Project”), is a multifamily affordable housing project located adjacent the Colma BART Station that is under development by BRIDGE Housing Corporation, and which has appeared before the Board six previous times since November 2005, primarily to request approvals related to various funding; and

WHEREAS, the Board has approved the following funding related to the Project: CDBG $621,508; HOME $1,378,492; HELP $1,500,000 through the California Housing Finance Agency; and Section 108 Loan Program $10,745,000 through HUD; and

WHEREAS, because the various funding sources impose specific restrictions on their uses and the Project has proceeded well along in its development phase, it has now become necessary to restructure the existing financing that has already been approved; and

WHEREAS, on November 14, 2006, by Resolution No. 68382, the Board confirmed the HELP Loan Agreement of $1.5 million with Bridge nonprofit-affiliate, Northpoint Housing, Inc. (“Northpoint”); and

WHEREAS, the financing restructuring calls for another BRIDGE nonprofit-affiliate, MCB Family Housing, Inc. (“MCB”) to purchase the land for the Project from Northpoint at market price utilizing Section 108 Loan Program and CDBG funds; and

WHEREAS, Northpoint shall pay back the existing HELP loan of $1,500,000, and the County desires to re-loan these funds to Trestle Glen Associates, the limited partnership controlled by BRIDGE, to be used for the completion of the Project; and

WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance an Agreement with Trestle Glen Associates for a $1,500,000 HELP loan (the “TGA HELP Loan 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.

NOW, THEREFORE, IT IS HEREBY RESOLVED, that the Board of Supervisors authorizes the Director of the Department of Housing to execute an agreement with Trestle Glen Associates for HELP funds to assist with the development of Trestle Glen Apartments.

BE IT FURTHER RESOLVED, that the Director of the Department of Housing or his designee shall be authorized to execute contract amendments and other documents as may be appropriate to achieve the intent of the TGA HELP Loan Agreement, so long as said amendments and other documents do not modify the County's maximum fiscal obligations by more than $25,000 in aggregate.