Title
Resolution approving a predevelopment loan agreement between the City of South San Francisco and Rotary Plaza, Inc. for $556,789 from the City's Permanent Local Housing (PLHA) 2019 and 2020 allocations for the development of approximately 80 Senior affordable housing units at 500 Linden and approving Budget Amendment Number 24.048 appropriating the loan amount.
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WHEREAS, the local Rotary Club and its development partner, Beacon Development, have submitted a formal written request to the City for approximately $7.5 million in funding to support a two-phase affordable housing project at 500 and 522 Linden; and
WHEREAS, at its regular meeting on December 13, 2023, City Council approved Resolution 187-2023 to commit funds to the Rotary Gardens project, with $1,076,383 from the Housing Asset Fund supporting the family building and $556,789 in PLHA funds supporting the senior affordable housing building; and
WHEREAS, to continue the process to effectuate the City's commitment, staff has drafted and negotiated loan agreements with Rotary Plaza, Inc. This Resolution approves and authorizes execution of the loan agreement for the senior housing project at 500 Linden and approves Budget Amendment Number 24.048 appropriating PLHA funds in the amount of the loan. The City has not yet received $338,809 in PLHA funding awarded. Consistent with the terms of the loan agreement, the City will disburse those funds until received; and
WHEREAS, the loan is secured by an Assignment of Collateral and Deed of Trust in favor of the City; and
WHEREAS, staff recommends authorizing the negotiation and execution of a predevelopment loan agreement between the City of South San Francisco and Rotary Plaza, Inc.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco does hereby approve the Loan Agreement between Rotary Plaza, Inc. and the City of South San Francisco substantially in the form of Exhibit A in the amount of $556,789 for the prede...
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