Title
Report regarding a resolution approving the third amendment to the Purchase and Sale Agreement and Joint Escrow Instructions for the property located at 432 Baden Avenue and a resolution approving Budget Amendment #22.230 for a $4,050,000 loan from Commercial Linkage Fee Funds to For the Future Housing, Inc. for the acquisition of 428 and 432 Baden Avenue. (Julie Barnard, Acting Deputy Director of Economic Development and Housing)
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Recommendation
RECOMMENDATION
Staff recommends that City Council adopt resolutions approving:
1. The third amendment to the Purchase and Sale Agreement and Joint Escrow Instructions for the property located at 432 Baden Avenue, and
2. A $4,050,000 loan from Commercial Linkage Fee funds to For the Future Housing, Inc. for the acquisition of 428 and 432 Baden Avenue.
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BACKGROUND
In 1997, the former Redevelopment Agency to the City of South San Francisco ("Redevelopment Agency" or "RDA") purchased 432 Baden Avenue (the "Property") for $270,000 for the development of a public parking lot to serve the 400 block of Grand Avenue. The RDA demolished the residential building that existed on the site and developed a 16-space surface parking lot. Previously, this section of the Downtown had no public parking facilities.
The City of South San Francisco ("City") is responsible for the disposition of former Redevelopment Agency properties in accordance with the procedures and requirements of the State-approved Long Range Property Management Plan ("LRPMP"). Under the LRPMP, the Property is required to be sold using a negotiated Purchase and Sale Agreement. The City is required to select a buyer that proposes the highest value to the taxing agencies. Before entering into a Purchase and Sale Agreement, the City typically seeks review and approval of the sale price by the San Mateo County Countywide Oversight Board ("Oversight Board")
In September 2018, Baden Development, LLC (then Sierra Investment Group) ("Baden Development") p...
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