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: Authorization to transfer and reallocate Midway Village project reserve funds from Phase 1 of the Midway Village Redevelopment Project to Phase 2 of the Midway Village Redevelopment Project
RECOMMENDATION:
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Acting as the Governing Board of the Housing Authority of the County of San Mateo, adopt a resolution:
A) Authorizing Housing Authority of the County of San Mateo ("HACSM") to transfer and reallocate Midway Village project reserve funds from the Affordable Housing and Property Disposition Agreement for the first phase of the Midway/Bayshore Redevelopment project ("Phase 1 AHPDA"), in an amount up to Twelve Million Dollars ($12,000,000), to the second phase of the Midway/Bayshore Redevelopment project ("Phase 2"); and
B) Authorizing the Executive Director of HACSM, or designee(s), acting in consultation with County Counsel, to negotiate and execute, on behalf of HACSM, a predevelopment loan agreement with MP Midway Associates 2, L.P., or a wholly/commonly-owned and/or controlled entity of MidPen Housing Corporation ("MidPen") in a total amount not to exceed Twelve Million Dollars ($12,000,000) in Midway Village project reserve funds for Phase 2, and any and all documents necessary to implement the same, provided that to the extent the funds to be loaned exceed Seven Million Five Hundred Ninety Thousand Seven Hundred Seventeen Dollars and Forty Cents ($7,590,717.40), then any such excess amount shall be repaid at the close of escrow and close of financing under the Phase 1 AHPDA.
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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...
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