Res17 15591 - Laserfiche WebLink

Browse Search

06/12/2017 Coalition Belle Haven, Inc. will transfer ownership of the Property to LifeMoves (the "Property Transfer"), and LifeMoves will then assume the responsibility of the property and work collaboratively with MidPen in order to raise capital that will be put towards the rehabilitation of the facility; and WHEREAS, the contemplated rehabilitation of the facility will allow LifeMoves to maintain its level of service to its program participants and provide the very low income residents and homeless families of the County the type of service that they have come to expect over the last 30 years; and WHEREAS, the City and LifeMoves intend for the facility to continue to operate as a transitional housing facility to the benefit of very low income and homeless families for the next 20 years; and WHEREAS, concurrently with forgiveness of the Loans, the City and LifeMoves will enter into an Affordability Agreement, substantially in the form attached hereto as Exhibit C and incorporated herein by reference (the "Affordability Agreement"), pursuant to which LifeMoves will commit to use the Property as transitional housing for another 20 years; and WHEREAS, LifeMoves's commitments pursuant to the Affordability Agreement shall be secured by a Deed of Trust for the benefit of the City to be recorded against the property in the Official Records of the County of San Mateo, State of California (the "LifeMoves-City Deed of Trust"); and WHEREAS, concurrently with the forgiveness of the Loans, LifeMoves, MidPen and the City will enter a Right to Repurchase/Right of First Refusal Agreement, substantially in the form attached hereto as Exhibit D and incorporated herein by reference (the "MidPen Right to Repurchase Agreement"), pursuant to which LifeMoves will grant certain rights of repurchase and first refusal to MidPen and MidPen will Page 3 of 5 REV: 06-06-17 JS RESO. NO. 15591 ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS MUFF NO. 454