Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Addendum to Agreement with Coastside Hope Transferring County Lien to New Property
RECOMMENDATION:
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Adopt a resolution:
A) Authorizing the President of the Board of Supervisors to execute an addendum to the agreement to assist Coastside Hope with the acquisition of real property for the operation of a multi-service center for low income families, originally dated March 28, 1995, under which the County consents to the sale of the real property located at 99 Avenue Alhambra in El Granada, waives acceleration of its secured promissory note, and agrees to the transfer of its secured interest totaling $453,050 to the real property located at 248 Main Street in Half Moon Bay, and Coastside Hope agrees to remit payment of $1,000,000 to reduce the principal balance owing under a loan from the County secured against the real property located at 248 Main Street in Half Moon Bay; and
B) Authorizing and directing the County Executive, or designee(s), to negotiate, agree to, enter into, and/or execute any additional documents necessary, advisable, or appropriate to effectuate or carry out the Addendum.
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BACKGROUND:
Coastside Hope was established in 1976 as a Section 501(c)(3) non-profit human services agency to benefit the residents of the County's Coastside area with a mission to "provide necessities to enhance quality of life for all our neighbors" and it currently serves as the primary core human services agency in the County for the Mid-Coast area.
In 1995, the County and Coastside Hope entered into an agreement to assist Coastside Opportunity Center with the Acquisition of real property for the operation of a multi-service center for low income families (the "1995 Agreement") under which the County agreed to loan Coastside Hope the principal amount of $266,000 in Community Development Block ...
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