Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors (Sitting as the Board of Commissioners of the Housing Authority of the County of San Mateo)
From: Raymond Hodges, Executive Director, Housing Authority of the County of San Mateo
Subject: Approval of and Authorization to Execute the Phase I Affordable Housing and Property Disposition Agreement
RECOMMENDATION:
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Acting as the Governing Board of Commissioners for the Housing Authority of the County of San Mateo, adopt a resolution:
A) Authorizing the Executive Director of the Housing Authority of the County of San Mateo (HACSM) to execute a certificate of acceptance for David R. Rowe Park on behalf of HACSM; and
B) Approving and authorizing the Executive Director of the Housing Authority of the County of San Mateo to execute and implement, an Affordable Housing and Property Disposition Agreement with MP Midway Associates I, L.P., and any agreements and/or documents necessary to implement the same for (1) a loan of up to $12 million to MP Midway Associates I, L.P., and (2) the ground lease of a portion of Midway Village and David R. Rowe Park to MP Midway Associates I, L.P. for its development and subsequent operation of a rental housing development.
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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. It was built by the Housing Authority of the County of San Mateo ("HACSM") in the mid-1970's and has been continuously owned and operated by HACSM and recently its nonprofit affiliate, SAMCHAI. The City of Daly City (the "City") owns and operates David R. Rowe Park, also known as Bayshore Park (the "Park"), a neighborhood park located adjacent to Midway Village. Prior to May 11, 2017, the Bayshore Elementary School District (the "District") owned a one-half acre parcel containing the Bayshore Child Development Center ("Childca...
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