Title
Resolution approving the acquisition of a Below Marker Rate (BMR) unit at South City Lights, approving budget amendment number 20.009 authorizing the expense of $350,000 and revenue of $525,000 in the City's Affordable Housing Trust Fund (Fund 205) for the preservation and resale of the BMR unit, and authorizing the City Manager to execute documents in connection with such preservation and resale of the unit at a BMR price.
body
WHEREAS, on January 9, 2002, the City Council adopted ordinance 1306-2002 approving a Development Agreement for the Marbella Housing Development ("City Lights"); and
WHEREAS, pursuant to the Development Agreement, the developer is required to sell 70 below market rate units ("BMR Units") to families of low- and moderate-incomes; and
WHEREAS, the City and the owner of the BMR property identified as APN 091-661-380-5, 104-540-230-0 entered into an agreement containing the Resale Restriction and Right of First Refusal Agreement; and
WHEREAS, the City desires to exercise its option to purchase the BMR unit at APN 091-661-380-5, 104-540-230-0, pursuant to the Resale Restriction and Right of First Refusal Agreement; and
WHEREAS, the City desires to appropriate three hundred and fifty thousand dollars ($350,000) from the Affordable Housing Trust for the acquisition of such unit, until the unit can be resold for approximately five hundred and twenty five thousand dollars ($525,000) to a low or moderate income household, so that the unit might remain in the City's BMR program; and,
WHEREAS, the transaction will serve the goals of the City's housing element by maintaining housing available at affordable cost in the community; and
WHEREAS, by staff report accompanying this Resolution and incorporated herein by reference, the City Council has been provided with additional information upon which the findings and actions set forth in this Resolution are based.
NOW, THEREFORE, BE IT RESOLVED by the City of South San Francisco that i...
Click here for full text