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- �,A-13 <br /> B. Agency Responsibilities <br /> The Agency's responsibilities under the Agreement by and between the Redwood City <br /> Redevelopment Agency and the Developer are as follows: <br /> ■ The Agency will convey the Site to the Developer at no cost (the "Land Grant" of <br /> $807,500). A condition precedent for conveyance of the site will be the <br /> Developer's ability to secure all funding sources to complete the project to the <br /> satisfaction of the Agency. The "Land Grant" has been funded by the following <br /> sources: <br /> Land Grant Fundin� Sources <br /> Agency Housing Funds $366,800� <br /> CDBG and HO�ME $440,700� <br /> $807,500 <br /> ■ The Agency will provide the Project with a"Development Grant" of $321,000 to <br /> be used to fund a portion of construction costs. It is anticipated that the entire <br /> amount of the Development Grant will be funded with CDBG funds. <br /> The Development Grant will be disbursed on a to-be-determined schedule only <br /> after PHH has obtained commitments for debt, equity funds, and subsidy funds <br /> sufficient to fund the project's development costs. If PHH is unable to secure <br /> sufficient funds to complete the Project without additional funding by the Agency, <br /> then the DDA will terminate, the property will not transfer to PHH, and PHH will <br /> not receive any cash assistance from the City. <br /> ■ The Agency will provide the project with a water facility fee subsidy ("Fee <br /> Subsidy") to be used solely to pay water facility fees charged to the project. The <br /> fee amount for the project has not yet been determined, however the Fee subsidy <br /> shall not exceed $74,000. It is anticipated that CDBG funds will cover $30,000 of <br /> the Fee Subsidy and that tax increment will fund $44,000. <br /> ■ The Agency does not currently have sufficient funds in place to fully fund the <br /> Development Grant and Fee Subsidy. The Agency will seek approval during the <br /> fisca12005/06 budget process for additional funding for the project. <br /> � Based on Agency housing funds of $966,637, CDBG of $751,082 + HOME funds of $413,057 for land <br /> acquisition/demolition costs of $2.16 million for the entire project, prorated by PHH's share of 37.4%. Assumed the <br /> remaining $10,000 would be funded equalty from the Housing Fund and remainder from CDBG/I-IOME. <br /> 18610.001\028-005.doc, 2/11/2005 Keyser Marston Associates, Inc. <br /> Page 5 <br />