Measure K: Adopt a resolution: A) Declaring the Board of Supervisors’ intent to purchase the real property described as 493 Eastmoor Avenue, a 0.37-acre parcel identified as Assessor’s Parcel Number 008-082-200, located at 493 Eastmoor Avenue, Daly City, San Mateo County (“the Property”), for a total purchase price of $4,440,000 to be satisfied through application of previously disbursed County loan funds and reduction in loan principal; and B) Authorizing the President of the Board of Supervisors to execute a Real Estate Purchase and Sale Agreement and Escrow Instructions (“Agreement”) between Eastmoor Multifamily, L.P., a California Limited Partnership (“Seller”) and the County of San Mateo, a political subdivision of the State of California (“Buyer” or “County”), for the County’s acquisition of the Property; and C) Authorizing the Director of the Department of Housing or their designee to execute a Ground Lease (“Lease”) with Eastmoor Multifamily, L.P., for development and operation of a 72-unit affordable housing project (the “Project”) on the Property, which Project is to be restricted at income levels required under a County regulatory agreement; and D) Authorizing the Director of the Department of Housing, or their designee, to execute a Certificate of Acceptance upon satisfaction of certain conditions in escrow, to be recorded concurrently with the Grant Deed conveying title from Eastmoor Multifamily, L.P., the current property owner, to the County, as well as any and all notices, escrow instructions, and documents required to facilitate the purposes of the Agreement and the Lease; and E) Authorizing the Director of the Department of Housing, or their designee, to execute, on behalf of the County, and in consultation with the County Attorney, any amendments to the Predevelopment Loan Agreement and Note between the County and Eastmoor Multifamily, L.P., dated November 29, 2022 under No. 79000-23-R078476A, and the associated Promissory Note, Deed of Trust and regulatory agreement, as necessary to implement the transaction contemplated by the Agreement and the Lease; and F) Authorizing and directing the Director of the Department of Housing, or their designee, to execute, on behalf of the County, all amendments, extensions, notices, options, consents, approvals, terminations, and documents associated with the Agreement and the Lease, including modifications to the form thereof, in consultation with the County Attorney, and the taking of all necessary actions in connection therewith.

Resolution Passed Introduced October 20, 2025

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