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File #: 171197    Version: 1 Name: Agreements - Sunnydale Parcel Q Housing Partners, L.P. - 1491 Sunnydale Avenue - Purchase and Sale for Real Estate and Ground Lease - $3,000,000 and $15,000 Respectively
Type: Resolution Status: Passed
Introduced: 11/14/2017 In control: Clerk of the Board
On agenda: Final action: 12/15/2017
Enactment date: 12/15/2017 Enactment #: 439-17
Title: Resolution approving and authorizing the execution and performance of an Agreement of Purchase and Sale of Real Estate in connection with the acquisition of the parcel located at 1491 Sunnydale Avenue Street (Assessor’s Parcel Block No. 6356, Lot No. 61-68) (“the Property”), for $3,000,000 and a long term, 75 years with a 24 year extension option, Ground Lease of the Property for $15,000 annual base rent, with Sunnydale Parcel Q Housing Partners, L.P., to construct a 100% affordable, 55-unit multifamily rental housing development for low-income households; adopting findings that the conveyance is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and authorizing and directing the execution of any documents necessary to implement this Resolution, as defined herein.
Sponsors: Mayor, Malia Cohen
Attachments: 1. Leg Ver1, 2. PLN GPR 100517, 3. Title Co. Prelim Rpt 101217, 4. DRAFT Gound Lease, 5. DRAFT Purchase and Sale Agrmt, 6. Appraisal Rpt 110117, 7. MOHCD Ltr 110817, 8. Form 126, 9. Bdgt Analyst Rpt 113017, 10. PLN Motion No. 19785, 11. Comm Rpt 113017, 12. Comm Rpt 120517, 13. Leg Final
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