Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Approval of Declaration of Intent to Purchase and Execution of a Purchase and Sale Agreement for the Acquisition of 252 5th Avenue in unincorporated Redwood City
RECOMMENDATION:
title
Adopt a resolution:
A) Declaring the Board of Supervisors' intention to exercise the County's option to purchase the condominium unit, located at 252 5th Avenue in unincorporated Redwood City (Assessor Parcel Number 113-170-030) ("Property"), from Property owner Judith Dell'Ara for a total purchase price of $453,777; and
B) Authorizing the President of the Board of Supervisors to execute a Real Estate Purchase and Sale Agreement and Escrow Instructions for the County's acquisition of the Property for a total purchase price of $453,777; and
C) Authorizing the County Manager, or designee, to execute the Certificate of Acceptance attached to the resolution upon the satisfaction of all conditions of escrow, to consummate the County's purchase of the Property as required by California Government Code Section 27281, and all other documents and notices required to exercise the option to purchase the Property and otherwise facilitate the acquisition; and
D) Authorizing an allocation of up to $700 per month for the payment of membership to Redwood City's Fair Oaks Condominium Owners' Association, Inc. and any other ongoing costs related to the maintenance of the property.
body
BACKGROUND:
The condominium complex located at 248-262 5th Avenue in unincorporated Redwood City (North Fair Oaks) was developed in April 1992 by Silverado Development Inc. (the "Developer").
Pursuant to the County of San Mateo's Density Bonus Ordinance (Ordinance No. 02343) adopted on October 22, 1991 (subsequently amended and revised in 1994 and then in 2010) ("Density Bonus Ordinance"), an additional unit located at 252 5th Ave...
Click here for full text