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~To the City Council and Redevelopment Agency Board <br /> <br /> June 10,2002 <br /> <br /> Subject: Funding Agreement for Casa de Redwood <br /> <br /> Recommendation <br /> That the City Council and the Redevelopment Agency Board approve this funding <br /> agreement providing funds from the following sources for replacement of windows at <br /> Casa de Redwood: <br /> <br /> · $116,700 from Community Development Block Grant (CDBG) funds <br /> · $132,250 from HOME Investment Partnership funds <br /> · $243,658 from the Redevelopment Housing Fund <br /> $492,608 <br /> <br /> Background <br /> Casa de Redwood is a 138 unit affordable senior housing development seeking to reduce <br /> its energy costs and to improve the overall efficiency of the development so that increased <br /> energy costs do not pass on to the tenants. The scope of work proposed by Casa de <br /> Redwood includes replacing the aluminum windows with an energy efficiency type. <br /> Competitive bids have been obtained by the organization and the lowest responsible bidder <br /> has been identified. Upon approval of this funding agreement, the new windows can be <br /> ordered and work can get underway during this program year. <br /> <br /> Fiscal Impact <br /> Both the Council and the Redevelopment Agency have acted to create the budget for this <br /> item. City Council approved the CDBG and HOME funds as part of the 2001 Annual <br /> Action Plan submitted to the U. S. Department of Housing and Urban Development. The <br /> Redevelopment Agency Board approved a budget amendment in April 2002 appropriating <br /> the $243,658 within the Redevelopment Agency's Housing Fund. <br /> <br />(' Debbi'~ones~'~.'.(~m~:~.,~ Michael Church <br /> Executive Director <br /> <br /> Ed Everett / <br /> City Manager <br /> <br /> Attachment <br /> Funding Agreement <br /> <br /> <br />