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0BCOUNTY OF SAN MATEO
1BInter-Departmental Correspondence
Department of Housing
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DATE:
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June 9, 2011
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BOARD MEETING DATE:
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June 21, 2011
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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TO:
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Honorable Board of Supervisors (Sitting as the Board of Commissioners of the Housing Authority)
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FROM:
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Duane Bay, Director, Department of Housing
William Lowell, Executive Director, Housing Authority
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SUBJECT:
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Loan Agreement amendment with Mid-Pen Housing
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URECOMMENDATION:
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Adopt Resolution No. 2011-04 authorizing the Executive Director of the Housing Authority to amend the Half Moon Bay Senior Campus Predevelopment Loan Agreement with Mid-Pen Housing increasing the amount by $225,000 for a total of $425,000 to purchase necessary water rights and connections.
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UBACKGROUND:
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On August 24, 2010, the Board of Supervisors approved an Agreement under which the Housing Authority of the County of San Mateo (HACSM) loaned Mid-Pen Housing the amount of $200,000 to fund certain pre-development activities for the Half Moon Bay Senior Campus for the term of August 24, 2010, through August 31, 2012.
This Loan Agreement provided funds to pay for the following types of activities which together constituted pre-development work designed to move the project forward:
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• Architectural Design including Master Planning, Schematic Design and Design Development and printing
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• Engineering including geotechnical, civil, and environmental
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The original loan amount of $200,000 has been expended for the above activities.
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DISCUSSION:
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The redevelopment of Half Moon Village will create 100 additional affordable housing units for seniors increasing the total for the development to 160 units. The additional units require the purchase of water use rights on the open market. It is estimated that the cost for the water use rights plus associated soft costs will total $225,000. Mid-Pen Housing has located a willing seller and seeks to move forward as soon as possible.
County Counsel has reviewed and approved the Resolution and Agreement as to form.
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Approval of this Resolution and Agreement contributes to the Shared Vision 2025 outcome of a Livable Community by enabling HACSM to expand its affordable housing to low-income senior households. The department works to enable housing opportunities for people of all income levels and ages in San Mateo County.
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UFISCAL IMPACT:
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There is no Net County Cost associated with this action. All funds associated with this Agreement will be paid from the Half Moon Village replacement reserves, funds currently held by HACSM for Half Moon Village capital projects. The balance in the replacement reserves currently exceeds $1 Million.
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