HomeMy WebLinkAboutReso - CC - 144-2022
RESOLUTION NO. 144-2022
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A LOAN
AGREEMENT WITH ALLIED HOUSING, INC. TO PROVIDE FUND ASSISTANCE TO
A PROPOSED AFFORDABLE HOUSING DEVELOPMENT AT 1875 CALIFORNIA
DRIVE IN THE AMOUNT OF $1,432,138
WHEREAS, on June 19, 2017, the City Council adopted Ordinance No. 1943, re-
codified in Ordinance 2000, establishing commercial linkage fees for new commercial
development in Burlingame, and on April 1, 2019, it adopted residential impact fees
through Ordinance No. 1961, re-codified in Ordinance No. 2000, for new residential
development in Burlingame; and
WHEREAS, these fees are intended to provide a dedicated source of funding for
programs supporting workforce housing in Burlingame; and
WHEREAS, on October 17, 2022 the City Council reviewed a funding request from
CRP Affordable Housing and Community Development working with Allied
Development to provide funding assistance for a proposed 100% affordable housi ng
development project at 1875 California Drive known as the “Eucalyptus Grove
Apartments”; and
WHEREAS, the project would consist of 69 units affordable to households making
between 20% and 50% Area Median Income (AMI), thereby providing housing
opportunities for lower income households in Burlingame; and
WHEREAS, the development would include a range of studio, one-bedroom, two-
bedroom, and three-bedroom units, thereby providing housing opportunities for a range
of household sizes; and
WHEREAS, depending on the availability of state and federal funding sources, 18
(26%) units would be set aside for veterans under the state HCD’s VHHP (Veteran
Housing and Homelessness Prevention) program that will include supportive services
(including counseling and training) provided on site, thereby providing assistance to a
vulnerable population at risk of experiencing homelessness; and
WHEREAS, the funding request is for $1,432,138, which is the equivalent of the
project’s development impact fees, per Planning Division estimates; and
WHEREAS, the funding is to be structured as a residual receipts loan, with the
following terms:
DocuSign Envelope ID: D912CBC0-C128-4FA4-B82D-6FF31F8C38EC
• Amount: $1,432,138.44
• 3% simple interest, residual receipts, 55-year term, subordinate, secured by
deed-of-trust, non-recourse.
• Residual receipts are paid out of available cash flow, to be returned to the City’s
dedicated housing fund.
NOW, THEREFORE, BASED ON THE STAFF REPORT, AND THE WRITTEN AND
ORAL TESTIMONY AT THE HEARING, THE CITY COUNCIL OF THE CITY OF
BURLINGAME RESOLVES AND ORDERS AS FOLLOWS:
1. The above recitals are true and correct and are material to this Resolution and
are incorporated into this Resolution as findings of the City Council.
2. The City Manager is hereby authorized and directed to negotiate and execute a
loan agreement on behalf of the City of Burlingame, with terms substantially consistent
with the terms outlined in this resolution, subject to such minor modifications as may be
approved by the City Manager in consultation with the City Attorney.
Ricardo Ortiz, Mayor
I, Meaghan Hassel-Shearer, City Clerk of the City of Burlingame, do hereby certify that the
foregoing Resolution was introduced at a regular meeting of the City council held on the 5th day of
December, 2022, and was adopted thereaf ter by the following vote:
AYES: Councilmembers: BEACH, BROWNRIGG, COLSON, O’BRIEN KEIGHRAN, ORTIZ
NOES: Councilmembers: NONE
ABSENT: Councilmembers: NONE
ABSTAIN: Councilmembers: NONE
Meaghan Hassel-Shearer, City Clerk
DocuSign Envelope ID: D912CBC0-C128-4FA4-B82D-6FF31F8C38EC