Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Coastside Hope Financial Assistance
RECOMMENDATION:
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Adopt a resolution:
A) Authorizing the form of and directing the execution by the County Executive, or designee, and delivery of an agreement with Coastside Hope under which the County will loan Coastside Hope a principal amount of $3,250,000 to be repaid at interest on unpaid principal until paid, at the rate of 3.13% per annum, for a term of five years; and
B) Authorizing the form of a Promissory Note evidencing Coastside Hope's obligation to repay the loan; and
C) Authorizing the form of a Deed of Trust in favor of the County securing the loan, which shall be recorded as a lien against the property to be acquired with the loan; and
D) Approving the taking of all necessary actions by the County Executive, or designee, in connection therewith.
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BACKGROUND:
Coastside Hope (formerly known as the Coastside Opportunity Center) was established in 1976 as a Section 501(c)(3) non-profit human services agency to benefit the residents of the County's Coastside area. Coastside Hope is one of the County's eight Core Service Agencies and the primary Core Service Agency for the mid-coast area.
Coastside Hope works in close collaboration with the County's Human Services Agency to provide individuals and families with basic emergency and support services to stabilize their living situations. Coastside Hope provides clients with crisis intervention and referrals based on an evaluation of their needs and qualifications for assistance, along with safety net services to San Mateo County residents in need of food, emergency housing assistance, emergency utility assistance, shelter, and other basic needs.
Coastside Hope currently owns and occupies a building located at 99 Avenue Alhambra in El Granada, which Coastside Hope purchased in 1995 with...
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