Special Notice / Hearing: Publication (3 weeks)
Vote Required: 4/5ths
To: Honorable Board of Supervisors
From: Raymond Hodges, Director of Department of Housing
Subject: Real Estate Purchase and Sale Agreement and Escrow Instructions for the acquisition of 0.37 acres of real property identified as Assessor's Parcel Number 008-082-200 located at 493 Eastmoor Avenue, Daly City (the "Property"), and for the Ground Lease of the Property to Eastmoor Multi-family, L.P. for the development and long-term operation of a 72-unit affordable housing project on the Property.
RECOMMENDATION:
title
Measure K: Adopt a resolution:
A) Declaring the Board of Supervisors' intent to purchase the real property described as 493 Eastmoor Avenue, a 0.37-acre parcel identified as Assessor's Parcel Number 008-082-200, located at 493 Eastmoor Avenue, Daly City, San Mateo County ("the Property"), for a total purchase price of $4,440,000 to be satisfied through application of previously disbursed County loan funds and reduction in loan principal; and
B) Authorizing and directing the President of the Board of Supervisors to execute a Real Estate Purchase and Sale Agreement and Escrow Instructions ("Agreement") between Eastmoor Multifamily, L.P., a California Limited Partnership ("Seller") and the County of San Mateo, a political subdivision of the State of California ("Buyer" or "County"), for the County's acquisition of the Property; and
C) Authorizing and directing the Director of the Department of Housing or their designee to execute a Ground Lease ("Lease") with Eastmoor Multifamily, L.P., for development and operation of a 72-unit affordable housing project (the "Project") on the Property, which Project is to be restricted at income levels required under a County regulatory agreement; and
D) Authorizing and directing the Director of the Department of Housing, or their designee, to execute a Certificate of Acceptance upon satisfaction of certain conditions in esc...
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