Title
Resolution approving a First Amendment to the Purchase and Sale Agreement with Eden Housing for the Firehouse Live Project and authorizing the City Manager to execute the amendment.
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WHEREAS, the City of South San Francisco ("City") is the owner of certain real property located at 201 Baden Avenue, South San Francisco, which contains an old firehouse structure that has been decommissioned, and known as County Assessor's Parcel Numbers ("APN") 012-335-100, 012-335-110, and the portion of Cypress Street that is to be vacated, with a combined lot size of 22,500 square feet; and
WHEREAS, the City contemplated a firehouse rehabilitation project that would bifurcate the 201 Baden Avenue parcel into two separate parcels, temporarily identified as "201a" and "201b" Baden Avenue (and subsequently to be identified as APNs 012-335-100 and 012-335-110 after bifurcation), with the proposed development consisting of a commercial developer rehabilitating the existing old firehouse structure on the 201a Baden Avenue parcel into commercial space while preserving its historical significance, and of a housing developer constructing a separate affordable residential project on the 201b Baden Avenue parcel; and
WHEREAS, in November 2021, the City Council approved and the City executed a Purchase And Sale Agreement And Joint Escrow Instructions ("PSA") with Eden Housing, Inc. ("Buyer") at the nominal price of $1.00 to convey the 201b parcel to Buyer for pursuing the affordable residential project component, which is anticipated to provide the opportunity for the construction of as many as 82 Below Market Rate (BMR) units in the City and increase much needed housing opportunities to the public's benefit and welfare; and
WHEREAS, to facilitate the closing of the parcel sale and the ongoing pursuit of the affordable residential project, City and Buyer now desire to amend the PSA to amend the Schedule of Performance, modify certain closing and post-closing obligations...
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