Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Approve a resolution authorizing the sale of a County owned Below Market Rate (BMR) unit located at 252 5th Avenue in unincorporated Redwood City.
RECOMMENDATION:
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Adopt a resolution:
A) Authorizing the sale of a County owned Below Market Rate unit to a qualified low-income buyer at an affordable price; and
B) Authorizing the Director of the Department of Housing to execute all legal documents to effectuate the sale.
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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'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 Avenue, Redwood City, California (the "Property") was developed as an affordable, qualifying, low-income unit.
In exchange for the right to develop the additional unit, the Developer agreed that any sale of the Property would be to a low or very low-income household and also agreed to impose a deed restriction on the Property limiting any resale to a below-market-rate price ("Deed Restriction"). The County also has the option to purchase the Property pursuant to the Density Bonus Ordinance.
In 1993, the Property was purchased by qualified buyers, and when said buyers decided to sell the Property in 2004, the County exercised its option to purchase the Property.
In 2007, the County sold the Property to another qualified buyer ("Owner") in accordance with the Deed Restriction. In July 2020, the Owner notified the County of their intent to sell the Property and in February 2021, pursuant to Board Resolution No. 077998, the County exercised its o...
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