Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors (Acting as the Board of Commissioners for the Housing Authority)
From: Ken Cole, Executive Director, Housing Authority of the County of San Mateo
Subject: Authorization of a Predevelopment Loan Agreement for the Midway/ Bayshore 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 the Executive Director of the Housing Authority of the County of San Mateo, or the Executive Director's Designee, to execute a loan agreement with MidPen Housing Corporation to assist with predevelopment activities to be undertaken as part of the Midway/Bayshore Redevelopment Project.
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BACKGROUND:
Midway/Bayshore Redevelopment Project (the "Project") consists of the following contiguous properties: Midway Village, an aging, 150-unit affordable rental housing development located on approximately 12 acres in the Bayshore neighborhood of Daly City and built by the Housing Authority of the County of San Mateo ("HACSM") in the mid-1970's; David R. Rowe Park in Daly City, also known as Bayshore Park, acquired by HACSM in November 2016 for the purposes of the Project; and a one-half acre parcel located within Midway Village containing the Bayshore Child Development Center, acquired by HACSM in May 2017 for the purposes of the Project.
On June 29, 2017, HACSM released a Request for Proposals ("RFP") seeking experienced and qualified developers to redevelop, own, operate, and manage affordable housing at the Project site. HACSM received proposals from six qualified developer teams, from which the review committee recommended the selection of MidPen Housing Corporation ("MidPen") as Project developer, based on its outstanding proposal and degree of experience in developing mixed-use affordable housing and community-service amenities comparable to that envisioned as part...
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