Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Approval of Purchase Agreement for Acquisition of 750 El Camino Real, in Belmont, and Allocation of CARES Act Funds for Acquisition
RECOMMENDATION:
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Adopt a resolution:
A) Declaring the Board of Supervisors' intention to purchase the property located at 750 El Camino Real, in Belmont, (Assessor Parcel Number 044-222-160) ("Property") from Jonathan H. Lamb ("Seller") for a total purchase price of $1,650,000; and
B) Authorizing an allocation of up to $1,700,000 in federal Coronavirus Aid, Relief and Economic Security (CARES) Act funds for the purchase of the Property plus closing costs; and
C) Accepting the terms and conditions of the Marcus & Millichap Real Estate Purchase Agreement ("PSA") that are incumbent on the County as the successor in interest to the original Buyer, Our Common Ground, Inc., to purchase the Property from Seller, for a total purchase price of $1,650,000; and
D) Ratifying the Assignment and Assumption Agreement, assigning Our Common Ground, Inc.'s rights to purchase the Property to the County, the County assuming all obligations as Buyer, and Seller consenting to the assignment; and
E) Authorizing and directing the County Manager, or designee, to execute the Certificate of Acceptance, as well as any and all notices, escrow instructions, and documents required to facilitate the purposes of the PSA.
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BACKGROUND:
The COVID-19 pandemic has exacerbated existing community needs and inequalities. In many communities, homelessness was already experienced disproportionately by minorities and other vulnerable groups. Persons experiencing homelessness are at a greater risk of infection and death due to COVID-19. In response to COVID-19, San Mateo County has prioritized the preservation and acquisition of needed housing for the homeless and other vulnerable...
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