Title
Report regarding a Resolution approving the transfer of the Successor Agency to the former Redevelopment Agency real property from the Successor Agency to the City of South San Francisco as Housing Successor and a Resolution authorizing a Second Amendment to the Land Lease Agreement with Magnolia SSF LP for 630 Baden Avenue. (Elia Moreno, Management Analyst I)
label
RECOMMENDATION
Recommendation
Staff recommends that:
1. The Successor Agency to the Former Redevelopment Agency of the City of South San Francisco adopt a resolution approving the transfer of former Redevelopment Agency real property from the Successor Agency to the City of South San Francisco as Housing Successor; and
2. City Council adopt a resolution accepting the transfer of former Redevelopment Agency real property from the Successor Agency to the City of South San Francisco as Housing Successor and authorizing a Second Amendment to the Land Lease Agreement with Magnolia SSF LP for 630 Baden Avenue.
Body
BACKGROUND
The Successor Agency to the Former Redevelopment Agency of the City of South San Francisco is the current owner of the land located at 630 Baden Avenue in South San Francisco. The Former Redevelopment Agency of the City of South San Francisco and South San Francisco Magnolia Plaza Associates, a California limited partnership, were original parties to a Land Lease dated May 1, 1987, which enabled the development of a mix of market rate affordable senior housing units at Magnolia Plaza. BRIDGE Housing Corporation, along with a private owner, comprised South San Francisco Magnolia Plaza Associates.
Following the dissolution of all redevelopment agencies in California under Assembly Bill x1 26 (ABx1 26), the City of South San Francisco elected to serve as the Successor Agency to the Former Redevelopment Agency. As the designated Successor Agency, the City assumed responsibility for managing the former agency's enforceable obligations and real property assets, including th...
Click here for full text