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91 REPORT To the Honorable Mayor and City Council From the City Manager June 2, 2003 Subject Joint Exercise of County (H.E.A.T.) Powers Agreement — Housing Endowment and Trust of San Mateo THIS REPORT IS FOR INFORMATION ONLY. THE CITY COUNCIL'S DECISION WHETHER TO JOIN H.E.A.T WILL BE AGENDIZED AFTER THE COUNCIL'S BUDGET DELIBERATIONS IN JULY OR AUGUST, 2003. Background In February 2002 the San Mateo County Board of Supervisors indicated their desire to see a Housing Trust Fund established for San Mateo County. A similar trust fund had been established in Santa Clara County and many other jurisdictions across the country. As a part of the Supervisor's action, the board allocated $3,000,000 as 'seed' money for the trust. Supervisors Rose Jacob Gibson and Rich Gordon were appointed as a sub- committee to complete the steps necessary to establish the trust. To assist their efforts, the sub - committee established a Development Group' to identify strategies for governance, funding and program for the Housing Endowment. The names of the participants in this Development Group are listed in the footnote on this page. The Development group met from June 2002 to November 2002 and made the attached Final Report to the Board of Supervisors. From February through April 2003 the Development Group met with County Counsel to craft the Agreement attached to this report. On May 13, 2003, the Board of Supervisors voted to approve the attached Joint Exercise of Powers Agreement. The cities of: San Mateo San Carlos ' The Development Group included: Linda Asbury, Cassandra Benjamin, Joe Galligan, Nicholas Jellins, Mike McCulloch, Dennis Pantano, Debbi Jones Thomas, Mark Battey, Ame Croce, Ron Galatano, Todd Kaufman, Gene Mullins, Sal Torres, Philip Williams, Duane Bay, Inge Doherty, Diane Howard, Frank Lalle, Bill Knack, Diana Reddy.