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9.B. - Page 4 <br /> project approval, issuance of a building permit, and/or issuance of a final <br /> occupancy permit. Terms and conditions would be established for the use of the <br /> funds. Depending how the grant is structured, funds would be available to use <br /> immediately on allowed costs as described in the grant agreement. This option <br /> may expose the City to increased risk if the Habitat project cannot go forward for <br /> any reason. Grants are not typically used for large amounts such as the <br /> proposed $1.42 million. <br /> Next Steps <br /> Staff will prepare draft agreements, covenants, and other documentation in accordance <br /> with Council direction. These agreement will be placed on an upcoming Council <br /> agenda for approval. It is expected that the Habitat for Humanity will submit the actual <br /> development for review in August 2015. As noted above, the project will be reviewed in <br /> full accordance with the California Environmental Quality Act and the Redwood City <br /> Municipal Code. <br /> ALTERNATIVES <br /> Direct staff to return to Council with other funding options for the Habitat project. <br /> FISCAL IMPACT <br /> There will be no net impact to City funds as a result of this funding. This funding was <br /> received as the result of conditions of approval associated with the One Marina <br /> development. In accordance with the requirement of this funding, the funds would be <br /> distributed to the subject project for the provision of affordable housing. <br /> ENVIRONMENTAL REVIEW <br /> Staff's recommendation for Council's consideration of funding options is not a project <br /> under CEQA. If and when a project is submitted, a full review in accordance with the <br /> California Environmental Quality will be conducted. <br /> AARON AKNIN <br /> ASSISTANT CITY MANAGER <br /> ROBERT B. BELL <br /> CITY MANAGER <br />