Title
Resolution authorizing the City Manager to approve a Consent, Assignment, Assumption and Amendment Agreement with the Boys & Girls Club of the Peninsula for a $100,000 forgivable Community Development Block Grant loan for repairs to a building located on City-owned property at 201 West Orange Avenue.
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WHEREAS, the Boys and Girls Club, located at 201 West Orange Avenue on City-owned property, is merging with the Boys and Girls Club of the Peninsula and desires to establish a new agreement with the City of South San Francisco, and to transfer relevant loans previously held by the Boys and Girls Club of North San Mateo County; and
WHEREAS, a new Lease Agreement was approved by the City Council at the City Council meeting of November 9, 2022, introduced by a Staff Report which also provided a brief history of the Boys and Girls Club site at 201 West Orange and the City's acquisition of the land upon which the facility is located; and
WHEREAS, in 2013 a forgivable loan of $100,000 using funds allocated to the City through Community Development Block Grant (CDBG) funds was made to the Boys and Girls Club of San Mateo County to address building repairs caused by storm damage; and
WHEREAS, if all loan conditions are met the loan can be forgiven in 25 years, or in 2038; and
WHEREAS, as part of their merger the Boys and Girls Club of the Peninsula is required to assume the loan; and
WHEREAS, the recommended vehicle for transferring the loan is a Consent, Assignment, Assumption and Amendment Agreement between the Boys & Girls Club of the Peninsula and the City.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of South San Francisco that the City Council hereby authorizes the City Manager to execute a Consent, Assignment, Assumption and Amendment Agreement, substantially in the form attached as Exhibit A, between the Boys & Girls Club of the Peninsula and the City of South San Francisco to transfer a 2013 CDBG forgivable loan in the amou...
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