Title
Resolution approving MidPen Housing Corporation's recapitalization and renovation plans for the Greenridge and Willow Gardens affordable housing communities, designate reimbursed property tax payments that would otherwise be paid to the City in the form of residual receipt payments to be reinvested into the project, and authorize the City Manager to execute agreements and loan documents necessary to consummate such loan and fee payments on behalf of the City of South San Francisco.
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WHEREAS, in September 1998, the former Redevelopment Agency of the City of South San Francisco ("former RDA") provided financing and entered into a loan agreement with MP Greenridge Associates, a California limited partnership affiliated with Mid-Peninsula Housing Coalition (the "Developer" or "MidPen") in the amount of $940,000 ("RDA Loan") to acquire and construct thirty-four (34) multifamily residential units for very low and low income households to benefit the Agency's Redevelopment Areas; and
WHEREAS, in January 1999, the former Redevelopment Agency of the City of South San Francisco ("former RDA") provided financing and entered into a loan agreement with Willow Gardens Housing Associates, a California limited partnership affiliated with Mid-Peninsula Housing Coalition (the "Developer") in the amount of $3.5 million ("RDA Loan") to acquire and rehabilitate affordable housing units in the Willow Gardens Neighborhood (the "Willow Gardens Project"); and
WHEREAS, in November 19, 2002, the City made an additional loan of HOME program funds to the Developer in the original principal amount of $500,000 for the acquisition and rehabilitation of units at the Willow Gardens Project and entered into that certain HOME Investment Partnerships ("HOME") Program Regulatory Agreement dated January 4, 1999, and recorded against the Original Property in the Official Records of San Mateo County on March 16, 1999, as Instrument No. 99-045817; and
WHEREAS, in connection with the ...
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