Title
Resolution of the Successor Agency to the Former Redevelopment Agency of the City of South San Francisco approving the transfer of certain former Redevelopment Agency real property located at 630 Baden Avenue from the Successor Agency to the City of South San Francisco as Housing Successor.
body
WHEREAS, the Successor Agency to the Former Redevelopment Agency of the City of South San Francisco is the current owner of real property located at 630 Baden Avenue in South San Francisco; and
WHEREAS, following the dissolution of all redevelopment agencies in California under Assembly Bill x1 26 (ABx1 26), the City of South San Francisco serves as the Successor Agency to the Former Redevelopment Agency; and
WHEREAS, pursuant to Resolution No. 8-2012, adopted by the City Council of the City of South San Francisco on January 25, 2012, the City of South San Francisco ("City") agreed that upon dissolution of the Redevelopment Agency of the City of South San Francisco on February 1, 2012, pursuant to Assembly Bill x1 26 ("ABx1 26"), the City would assume the housing functions of the Redevelopment Agency and serve as Housing Successor; and
WHEREAS, Health and Safety Code Section 34176(a), added by Assembly Bill x1 26 and modified by Assembly Bill 1484 ("AB 1484"), provides that the housing assets of a former redevelopment agency shall be transferred to the entity that assumes the housing functions formerly performed by such redevelopment agency (the "Housing Successor"); and
WHEREAS, on December 10, 2021, the Successor Agency and South San Francisco Magnolia Plaza Associates executed an Assignment and Assumption of Land Lease, where all right, title, and interest in the Lease were assigned to Magnolia SSF LP, a single-purpose entity wholly owned by BRIDGE Housing Corporation; and
WHEREAS, Magnolia SSF LP is in the process of securing a new loan from the County of San Mateo intended to support rehabilitation and related project expenses; and
WHEREAS, to facilita...
Click here for full text