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06/26/2017 <br />RESOLUTION NO. 15601 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY ESTABLISHING A LOAN OF THE SUM OF $373,981.00 FROM <br />THE REDWOOD CITY GENERAL FUND (No. 150) TO THE REDWOOD <br />CITY AFFORDABLE HOUSING FUND (No. 299) FOR 1512 STAFFORD <br />STREET AFFORDABLE HOUSING PROJECT <br />WHEREAS, the City of Redwood City desires to loan $1,099,000 (the "Loan") <br />from the City's Affordable Housing Fund to HIP Housing Development Corporation for <br />the purpose of acquiring the property at 1512 Stafford Street in Redwood City (the <br />"Property"); and <br />WHEREAS, on June 26, 2017, the City Council of Redwood City (the "City <br />Council") approved said loan; and <br />WHEREAS, the City's Affordable Housing Fund lacks sufficient funds to issue <br />the loan; and <br />WHEREAS, the City's General Fund has sufficient funds to temporarily loan the <br />sum of $373,981.00 to the Affordable Housing Fund. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY, AS FOLLOWS: <br />1. The sum of three hundred seventy-three thousand, nine hundred eighty- <br />one dollars ($373,981.00) from the Redwood City General Fund (No. 150) is hereby <br />ordered to be loaned to the Redwood City Affordable Housing Fund (No. 299), as a <br />temporary loan for the above described purpose in accordance with the following terms: <br />a. Said loan shall be for a term of one (1) year, commencing June 1, <br />2017 and expiring May 31, 2018. <br />b. Principal shall be payable in full on May 31, 2018. <br />c. The loan shall be interest free during the term of the loan, provided, <br />however, that if the principal is not repaid on May 31, 2018, interest <br />shall be calculated on the outstanding balance of said loan calculated <br />on the City's monthly earned investment rate of return (blended rate) <br />and such interest shall be calculated and charged from the original <br />loan date. <br />d. Notwithstanding the foregoing, said loan may be repaid without <br />penalty at any time during the term thereof by fully paying the <br />ATTY/RESO.0068/CC RESO STAFFORD INTERFUND LOAN <br />REV: 06-21-17 JS <br />Page 1 of 2 <br />RESO. NO. 15601 <br />MUFF NO. 304 <br />