Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Manager
Subject: Certificate of Acceptance for the Acquisition of the Pacific Inn Hotel property, located at 2610 El Camino Real, in Redwood City
RECOMMENDATION:
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Adopt a resolution authorizing the County Manager, or County Manager's designee, to execute the Certificate of Acceptance attached to the resolution, to consummate the County's purchase of the property located at 2610 El Camino Real, in Redwood City, known as the Pacific Inn Hotel, and as San Mateo County Assessor Parcel Number 059-162-520 ("Property"), from Reno Motel Investments, Inc. as required by California Government Code Section 27281.
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BACKGROUND:
On November 5, 2020, the Board of Supervisors approved two resolutions facilitating the County's acquisition of the Property, with a portion of the funding provided by the State of California Department of Housing and Community Development ("State HCD"), through its Homekey Program. Resolution No. 077823 authorized submittal of an application for grant funds in an amount not to exceed $16,822,500, and execution of a Standard Agreement between the County and State HCD for disbursement of those funds. Resolution No. 077824 declared the County's intention to acquire the property and authorized execution of a Real Estate Purchase and Sale Agreement ("Agreement").
DISCUSSION:
The Agreement between the County, as Buyer, and Reno Motel Investments, Inc., as Seller, establishes the purchase price for the Property at $21,500,000. The Property consists of 1.5 acres, which includes the 29,593 square foot seventy-four room hotel and manager's unit and 70 dedicated parking spaces. Escrow is anticipated to close by December 2, 2020, with recordation of the Grant Deed transferring title from Reno Motel Investments, Inc. to the County. The Certificate of Acceptance executed by the County is required to be at...
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