RESOLUTION NO. ________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SALINAS AUTHORIZING THE CHANGE OF OWNERSHIP OF 545 WORK STREET, SALINAS, CA TO 545 WORK STREET, LP, A DELAWARE LIMITED PARTNERSHIP AND AUTHORIZING THE AMENDMENT OF THE STANDARD AGREEMENT FOR HOMEKEY FUNDS WITH THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT TO REFLECT SAID CHANGE WHEREAS, on September 17, 2020, the City of Salinas, Shangri-La Industries LLC, and Step Up on Second Street, Inc. received an award notification from the Department of Housing and Community Development for its Homekey Round 1 application; and WHEREAS, on November 18, 2020, the Monterey County Clerk-Recorder officially recorded 545 Work Street, LP, a Delaware Limited Partnership as the owner of the Property; and WHEREAS, on or about November 30, 2020, the City of Salinas, Shangri-La Industries LLC, Step Up on Second Street, Inc. and the Department of Housing and Community Development (“HCD”) entered into a Standard Agreement (20-HK-00132) for Homekey Funds totaling $6,965,000.00 (“Standard Agreement”) for the purchase and rehabilitation of 545 Work Street, Salinas, California (“the Property”); and WHEREAS, the City of Salinas concurs with the necessary change of ownership for the Step Up in Salinas Homekey project located at the Property to that of the officially recorded owner, 545 Work Street, LP, a Delaware Limited Partnership, and authorizes the inclusion of the Property owner as a party to the Standard Agreement and any other documents deemed applicable by HCD.
NOW, THEREFORE, BE IT RESOLVED THAT, the City Council of the City of Salinas does hereby:
1. Concurs with the change of ownership of the Property to the officially recorded owner, 545 Work Street, LP, a Delaware Limited Partnership.
2. Authorizes the amendment of the Standard Agreement and any other documents deemed applicable by HCD to include and/or accurately reflect the officially recorded owner of the Property, 545 Work Street, LP, a Delaware Limited Partnership.
3. The Salinas City Council authorizes the City Manager or designee to execute any required amendments or documents deemed necessary by HCD to incorporate the officially recorded owner of the Property on behalf of the City of Salinas for participation in the Homekey Program.
PASSED AND ADOPTED this 10th day of October 2023, by the following vote:
Ayes:
Noes:
Abstain:
Absent:
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Kimbley Craig, Mayor
City of Salinas, California
ATTEST:
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Patricia M. Barajas, City Clerk