Franciscan Resident Advisory Committee (FMC) incorporated as a nonprofit Public Benefit Corporation on August 6, 2010. FMC replaced the former FAC and concluded litigation in the San Mateo County Superior Court which resulted in the Settlement Agreement and Judgment entered February 6, 2014. The Settlement Agreement and amended Disposition Agreement requires the transfer of the Franciscan Mobile Home Park to FRAC.
In our last update, we had informed you that on July 25, 2022, the Daly City Council approved by unanimous vote our request to transfer the Franciscan Park to FRAC as a limited equity housing cooperative. Shortly thereafter, the closing team set a closing date in late September 2022. However, the ground lessors that own the 20-acre Podesta parcel on the Hoffman Street side of the Franciscan Park have refused to cooperate. As a result, FRAC commenced legal action against the Podestas.
We also had informed you that a trial date would be set in August 2023. Unfortunately, the Podestas have pursued many motions to dismiss the case which has caused a lengthy delay.
Fortunately, FRAC has prevailed and we are moving towards trial.
Resident ownership of the Franciscan Park remains our ultimate goal, and we will continue our efforts until we achieve success. THIS LINK describes some of the many advantages of Cooperative Ownership. Our legal team and our lender continue to support our efforts.
We understand that the delay is frustrating, but appreciate your ongoing support of the goal to transfer the Franciscan Park to FRAC and the conversion to a limited-equity housing cooperative.
Sincerely,
PEDRO GONZALEZ, PRESID£NT
ROBERT QUINN, SECRETARY
MAMIE ZHU, TREASURER
CYN THOMPSON,DIRECTOR
BAI YAN CHEN, DIRECTOR
JOHN CONKLIN, DIRECTOR,
PABLO PANTOJA, DIRECTOR