Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Agreements with MidPen Housing Corporation or Affiliated Entities related to the Operation and Management of Affordable Housing Project for Extremely Low-Income Seniors in Redwood City
RECOMMENDATION:
title
Measure K: Adopt a resolution:
A) Authorizing and directing the Director of the Department of Housing, or designee, to execute an Exclusive Negotiating Agreement with MP Land Holdings, LLC, a wholly-owned and controlled subsidiary of MidPen Housing Corporation ("MidPen"), to afford the parties sufficient time to negotiate the terms of (i) a Management Agreement for the operation and management of an affordable housing project for extremely low-income seniors ("Project") at the County-owned Property located at 1000 Twin Dolphin Drive in Redwood City to MidPen Housing Corporation ("Property"), and (ii) an agreement to transfer to MidPen, or a wholly-owned and controlled subsidiary of MidPen, an ownership interest in the Property (i.e. land and/or improvements) at such time that the Project has achieved sustainable operations or as the Parties may mutually agree; and
B) Authorizing and directing the Director of the Department of Housing, or designee, in consultation with County Counsel, to negotiate and execute a Management Agreement for MidPen, or a wholly-owned and controlled subsidiary of MidPen, to operate and manage the Project, and any and all documents necessary to implement the same; and
C) Authorizing and directing the Director of the Department of Housing, or designee, in consultation with County Counsel, to negotiate and execute an agreement to transfer to MidPen, or a wholly-owned and controlled subsidiary of MidPen, an ownership interest in the Property (i.e. land and/or improvements) at such time that the Project has achieved sustainable operations or as the Part...
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