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04/24/2017 <br />RESOLUTION NO. 15578 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />REDWOOD CITY APPROVING A FUNDING COMMITMENT TO <br />PROVIDE A LOAN OF AFFORDABLE HOUSING FUNDS IN <br />CONNECTION WITH THE ACQUISITION OF PROPERTY <br />LOCATED AT 3752-3770 ROLISON ROAD FOR AFFORDABLE <br />HOUSING PRESERVATION CONTINGENT UPON THE <br />PREPARATION OF LOAN DOCUMENTS(MIDPEN HOUSING) <br />WHEREAS, the City Council adopted the Affordable Housing Impact Fee <br />Ordinance ("Ordinance") on December 7, 2015 as a mechanism to increase the <br />supply of affordable housing pursuant to the City's Housing Element. The <br />Ordinance is applicable to residential and nonresidential development projects <br />for which applications have not been deemed complete prior to September 21, <br />2015. The Ordinance requires that all fees collected be deposited into the City's <br />Affordable Housing Fund to be used to increase and preserve the supply of <br />housing affordable to households with extremely low, very low, low and moderate <br />incomes; and <br />WHEREAS, MidPen Housing ("MidPen") has submitted a request to the <br />City for funding assistance in the amount of One Million One Hundred Thousand <br />and no/100 Dollars ($1,100,000.00) from its Affordable Housing Fund to repay a <br />portion of acquisition costs for real property located at 3752-3770 Rolison Road <br />in Redwood City (the "Property"), to be used to provide affordable rental housing <br />for extremely low and very low income households; and <br />WHEREAS, the Property includes 55 multifamily units consisting of 53 <br />studios and 2 one -bedroom units; and <br />WHEREAS, in consideration of receiving Redwood City Affordable <br />Housing Funds or the use of the proceeds thereof, MidPen has agreed to record <br />ATTY/RESO.0040/CC RESO APPROVING MIDPEN ATHERTON COURT ACQUISITION RESO. NO. 15578 <br />REV: 04-20-17 PR MUFF NO. 301 <br />Page 1 of 2 <br />