AgdaPkt 2004-07-12 - Laserfiche WebLink

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5 JC-I REPORT To the Redevelopment Agency Board From the Executive Director July 12, 2004 Subject Certificate of Completion for Redwood Court - MP Redwood Court Associates Recommendation That the Agency: (1) approve a Certificate of Completion for MP Redwood Court Associates, and (2) authorize the Redevelopment Manager to execute all documents pertaining thereto. Background The Board approved an Owners Participation Agreement (OPA) with MP Redwood Court Associates for the acquisition and rehabilitation of Redwood Court Apartments. Redwood Court, a 20 year old HUD assisted affordable housing development, was subject to converting to market rate rents upon the termination of the HUD assistance in July 2003. MidPeninsula Housing Coalition obtained funding from the California Housing Finance Agency (CaIHFA) to buyout the limited partner in order to preserve the affordability ofthis housing development. CalHFA required extensive improvements to the property as a condition of financing the new first mortgage for a 55 year term. The Agency Board allocated $500,000 from the Housing fund to assist in the required improvements. These funds were used to replace exterior siding and trim, repair dry rot and termite damage, waterproofing of decks and patios, and replaced windows and sliding glass doors with energy efficient products. This work was completed using prevailing wages. The OPA provides for the Agency to issue a Certificate of Completion after the improvements have been completed and all of the terms of the CPA have been met. The Certificate of Completion is now being submitted for Agency approval. Fiscal Impact The Board's approval of the Certificate of Completion will have no fiscal impact. Ii" flU- ~~¿r~~ Susan oeller ~ Redevelopment Manager City Manager Attachment Certificate of Completion . - ,'-,.