AgdaPkt 2000-04-24 - Laserfiche WebLink

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.. ' ��ii-�L Habitat or the City of Redwood City, or the Redwood City Redeveiopment Agency to a subsequent Eiigibie Household. " 11. Repurchase Price - Eiigibfe Sales Price. The Efigible Sales Price for the repurchase of the Property by Per�insula Habitat or the City of �Redwood City, or � the Redwood City Redevefopment Agency shall be ths original Purchase Price of the Property when acquired by the owner from Peninsula Habitat, ad�usted by the percentage change, since the date that the owner acquired the Rroperty based upon the date of recordation of the deed conveying the Property to the owner from Peninsula Habitat, to and incfuding the date that Peninsufa Habitat or the City of Redwood City, or the Redwood City Redevelopment Agency gives its notice of exercise of its option to repurchase, in the Median Income, adjusted by family size, as provided by the U.S. Departm.ent of Ho�sing and Urban Devefopment, or in the event that this statistical index �is no longer pubiished, any other appropriate index as determined by Peninsula Habita� In no case however shall the increase in the originaf Purchase Price exceed #hree per cent (3%) compounded annually, except as provided below for Quafifyir�g lmprovements as have been made to the Property by the owner, which amount shall be �dded to the original Purchase Price as set forth in subsection k, befow: 12. Qualifying improvements. A"Qualifying fmprovement" shaf{ bs any capital improvement, as opposed to repairs and maintenance, instalfed by the owner, � � ' whiah satisfites all the criteria set forth befow: The value of the Qua�ifying improvements shall be limited to a total of ten �percent (10%) of the original Purchase Price. The vafue of the Quafifying fmprovements shall be the sum equal to the original cost of materials and labor pr�rated over the expected useful (ife of the improvements. It shall be the obligation of the owner to estabfish by sufficient evidence that any improveinents is a Qualifying improvement and the value thereof. Peninsula Habitat shall have the right to determine the vafue of � any Quaiifying improvement in its sofe and absolute discretion. Further, in estabfishing any value to a Quatifying fm�rovemerrt, Peninsuta Habitat shalE have the right.to consider any clamage to capital improvemen�s in the Property�and may offset the Efigibfe Sales Rrice by the reasonable cost of repair on such damage. In order to-be deemed a Quaiifying Improvement, each improvement must satisfy the following quaiifying criteria: (� ) The cost of the improvement must exceed one percpnt (1 %) of the �' original Purchase Price. � (2) The improvements must have a remain�ng expected useful iife of at least five (5) years beyond the completion of the proposed transfer. (3} The owner shall present substantiating documentation showing th�e original cost of materials and the original cost of tabor for the improvement, and the date of its installation. -g- A�dendurn - h5 � , FXS:fs � 04/14/00 � _ . ._ _ . _ ... _ T .. r . _