RESOLUTION NO. _____________

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

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RESOLUTION AUTHORIZING THE PRESIDENT OF THE BOARD TO EXECUTE AN AMENDMENT TO THE COVENANT AND AGREEMENT REGARDING AFFORDABILITY RESTRICTIONS FOR LA TERRAZZA AT COLMA STATION; THE DIRECTOR OF THE DEPARTMENT OF HOUSING OR HIS DESIGNEE TO SET THE PER UNIT ANNUAL AFFORDABILITY COMPLIANCE MONITORING FEE; AND THE DIRECTOR OF THE DEPARTMENT OF HOUSING OR HIS DESIGNEE TO RECORD THE AMENDMENT.

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

WHEREAS, on March 8, 2005, by Resolution No. 067205, the Board executed a three-party covenant and agreement (“Covenant”) with the owners of La Terrazza at Colma Station (“Project”), and SamTrans, which owns the land on which the Project is located; and

WHEREAS, the Project was constructed in compliance with the requirements of the Colma BART Area Specific Plan and the San Mateo County Density Bonus Ordinance; and

WHEREAS, the Project comprises 153 units, of which 31 are restricted to very low income households for a period of not less than 55 years; and

WHEREAS, the Covenant authorizes the County to monitor the affordability of the 31 restricted units; and

WHEREAS, the Department of Housing, which did not formally exist at the time of the County execution of the Covenant, has since assumed responsibility for the affordability compliance monitoring and for collection of the monitoring fee; and

WHEREAS, the Covenant authorized the Board of Supervisors to set the annual monitoring fee starting in 2007, and to make annual adjustments to the fee beginning in 2008 by a percentage not to exceed the percentage change in the Consumer Price Index (CPI); and

WHEREAS, the Department of Housing is well positioned to research and monitor CPI changes and to make any appropriate changes to the annual monitoring fee on a timely basis;

WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance, an Amendment to the Covenant and Agreement with the Project Owner and SamTrans, 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 Amendment 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 is hereby authorized and directed to record the executed Amendment with the Office of the Recorder.

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