Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Pacifica Resource Center Loan
RECOMMENDATION:
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Adopt a resolution:
Authorizing the form of and directing the execution and delivery by the County Executive, or designee, of an agreement under which the County will loan Pacifica Resource Center, a 501(c)(3) non-profit corporation, the principal amount of $1,000,000 to be used to acquire that certain property located at 1809 Palmetto Ave., Pacifica, California 94044, as more particularly described in the loan documents (the “Property”); and
Authorizing the form of a Promissory Note evidencing Pacifica Resource Center’s obligation to repay the loan at the rate of 3.75% per annum, for a term of twenty-five years; and
Authorizing the form of a Deed of Trust in favor of the County securing the loan, which shall be recorded as a lien against the Property; and
Authorizing the form of a Deed Restriction in favor of the County requiring that the property be used solely for charitable purposes consistent with 501(c)(3) nonprofit status for a period of twenty-five years, which shall be recorded as a lien against the Property; and
Authorizing and approving the taking of all necessary actions by the County Executive, or designee, in consultation with the County Attorney, to facilitate the closing of the transaction, including to do any and all things and to execute and deliver any and all documents and certificates deemed necessary or advisable by the County Executive, or designee, in order to consummate the execution and delivery of the documents mentioned herein and otherwise to effectuate the purposes of this Resolution and the transaction contemplated hereby.
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BACKGROUND:
Pacifica Resource Center (“PRC”) is a non-profit organization under 501(c)(3) of the Internal Revenue Code whose mission is to support the resilience and well-being of famil...
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