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Resolution approving Budget Amendment Number 26.019 and authorizing the City's acquisition of a Below Market Rate (BMR) unit at 2230 Gellert Boulevard, Unit 3303 (APN 104-540-230).
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WHEREAS, the City's Inclusionary Housing Ordinance (Municipal Code Chapter 20.380) creates Below Market Rate (BMR) housing within both ownership and rental developments; and
WHEREAS, on August 8, 2025, the City received a Notice of Default and Election to Sell Under Property Association Lien for the BMR unit located at 2230 Gellert Boulevard, Unit 3303 (APN 104-540-230); and
WHEREAS, the BMR unit is subject to a recorded Resale Restriction and Right of First Refusal Agreement, executed with the City ("Agreement"); and
WHEREAS, in accordance with the Agreement, the City holds a right of first refusal to purchase the unit in the event of default, foreclosure, or sale, in order to preserve the unit within the City's BMR program; and
WHEREAS, in the instance the current owner has not cured the default status, City staff recommends exercising this right to acquire the property and preserve its affordability, using funds from the Commercial Linkage Fee Fund (Fund 823); and
WHEREAS, once acquired, the City can determine the appropriate income level at which to market the unit for resale to a qualified BMR buyer.
NOW, THEREFORE, BE IT RESOLVED by the City of South San Francisco that it hereby:
1. Authorizes the City Manager or their designee to exercise the City's option to acquire the BMR unit.
2. Approves Budget Amendment Number 26.019, authorizing the allocation of $787,600 in the City's Commercial Linkage Fee Fund (Fund 823) for the acquisition of a BMR unit located at 2230 Gellert Boulevard, Unit 3303 (APN 104-540-230).
3. Authorizes the City Manager, or their designee, to take all necessary steps to execute the City's right of first refusal and acquire the title to the property, including execution of all related purchase documents, or appropriate action to carr...
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