AgdaPkt 2005-03-14 - Laserfiche WebLink

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�1.�1-12 II. StifMMARY OF THE PROPOSED AGREEMENT A. Description of the Property and the Proposed Project Property The entire development site is approximately one acre in size and is located at the corner of El Camino Real and Vera Way in the downtown area of Redwood City. The site is currently owned by the City of Redwood City. The development proposed for the site consists of two components: the 8 ownership townhome units to be developed by Peninsula Habitat for Humanity and the 58 rental units to be developed by First Community Housing. The parcel will be subdivided so that each entity will have clear title to its land. The Peninsula Habitat for Humanity's portion of the 1- acre site is 15,000 sq.ft., or approximately .34 acre. Subject to the terms of the Agreement, the Agency will (1) convey the property to the Developer at no cost (the "Land Grant", which is deemed to have the value of $807,500), (2) provide monetary assistance of $321,000 (the "Development Grant"), and (3) a water facility fee subsidy grant ("Fee Subsidy") to not exceed $74,000. Developer The Developer is Peninsula Habitat for Humanity or its designated affiliate. Project Description � The Project subject to this Agreement is known as the Vera Street Habitat Project and will consist of eight (8) for-sale row townhome units, with attached 2-car garages. As summarized below, the townhomes include one (1) 2-bedroom unit and seven (7) 3-bedroom units, restricted to very-low income households, as follows: Affordabiliry Level No. of Units Approximate Size 2 Bedroom/1 Bath Wheelchair 50% ofAMI 1 Accessible Unit 3 Bedroom/1-'/z Bath Units 50% of AMI 7 Average 1,500 SF A 45-year affordability covenant will be recorded against each unit, restricting its resale to qualified very-low income buyers as stipulated in the covenant. 18610.001\028-005.doc, 2/11/2005 Keyser Marston Associates, Inc. Page 4