AgdaPkt 2017-06-12 Joint SA PFA - Laserfiche WebLink

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ORIGINAL RESOLUTION NO. ____ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING FORGIVENESS OF TWO LOANS FOR A TOTAL OF $507,000 IN COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS MADE TO MID-PENINSULA COALITION BELLE HAVEN, INC. AND MIDPEN HOUSING CORPORATION AND AUTHORIZING THE CITY MANAGER OR DESIGNEE TO EXECUTE AGREEMENTS AND RELATED DOCUMENTS NECESSARY TO COMPLETE THE LOAN FORGIVENESS AND THE TRANSFER OF THE PROPERTY AND RELATED TRANSITIONAL HOUSING FACILITY AT 110 LOCUST STREET FROM MID-PENINSULA COALITION BELLE HAVEN, INC. TO LIFEMOVES WHEREAS, in 1986, the City of Redwood City (the “City”) provided MidPen Housing Corporation (formerly known as “Mid-Peninsula Coalition Housing Fund” and “Mid-Peninsula Housing Coalition”) and its affiliate Mid-Peninsula Coalition Belle Haven, Inc. (together with MidPen Housing Corporation, “MidPen”), with an acquisition loan of $452,000 from the City’s Community Development Block Grant (“CDBG”) entitlement at 0% interest with a maturity of 30 years (the “1986 Loan”); and WHEREAS, in connection with the 1986 Loan, the County of San Mateo (the “County”) made a loan to MidPen in an amount of $108,900; and WHEREAS, the 1986 Loan is secured by a Deed of Trust in favor of the City and the County recorded against the Property (as defined below) as Instrument No. 86167253 in the Official Records of the County of San Mateo, State of California (the “1986 Deed of Trust”); and WHEREAS, in 1986, Mid-Peninsula Coalition Belle Haven, Inc. purchased the Redwood Family House transitional housing facility for LifeMoves, formerly known as Shelter Network and InnVision Shelter Network, to lease and operate; and REV: 06-06-17 JS ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS Page 1 of 68 6.3.B. - Page 6