Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors (Acting as the Governing Board of Commissioners of the Housing Authority of the County of San Mateo)
From: Debbie McIntyre, Executive Director
Subject: Authorization to Loan the Housing Authority of the County of San Mateo's Midway Village Reserve Funds for Phase 2 of the Midway Village Redevelopment Project
RECOMMENDATION:
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Acting as the Governing Board of the Housing Authority of the County of San Mateo, adopt a resolution authorizing:
A) The Housing Authority of the County of San Mateo to loan in a not to exceed amount of $14,000,000 from available Midway Village reserve funds for the construction and permanent financing of Phase 2 of the Midway Village Redevelopment Project; and
B) The Executive Director of the Housing Authority of the County of San Mateo, or designee, in consultation with special legal counsel to the County and the County Attorney, to enter into and execute an agreement and promissory note to loan the HACSM's Midway Village reserve funds for the construction and permanent financing of Phase 2 of the Midway Village Redevelopment Project.
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BACKGROUND:
Midway Village is an aging, 150-unit affordable rental housing development located on approximately 12 acres in the Bayshore neighborhood of Daly City. The Housing Authority of the County of San Mateo ("HACSM) built Midway Village in the mid-1970s, and it has been continuously owned and operated by HACSM and until recently, HACSM's affiliate, SAMCHAI.
The history of the Midway Village Redevelopment Project (the "Project") spans several years. On June 29, 2017, HACSM released a Request for Proposals ("RFP") seeking experienced and qualified developers interested in redeveloping, owning, operating and managing multiple phases of affordable housing at the Midway Village site, now referred to as the Project. MidPen Housing Corporation ("MidPen") was selected as the Pro...
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