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t <br /> 1 <br /> _ . ,# <br /> ����� � : . . <br /> ? <br /> } # ,, � ; <br /> . , a 3 �� a �.: -: <br /> �. ; � ::: _ :. a ", f ��3 ..�, 33i33ir3 � ..,. : <br /> : ,3 =T� �he Honorabl� Ma t� and � �+�unc�l antl. <br /> ;.. . :: <br /> Y �' :: ... <br /> ': ' Red+�ve�o men� �` en� Board <br /> . . _ ..,,.. .... . . �.. .....r: ..��._.. ,_..... .. .. ........ <br /> ...': .. .......::. . ,. P 9 � :. :: <br /> August 14, 2000 <br /> Subject <br /> Amendment to Grant Deed Restrietions — Peninsula Habitat for Humanity <br /> Recommendation <br /> Approve amendment to Rolison Road Grant Deed Restrictions to allow for junior <br /> encumbrance <br /> Background <br /> On April 24, 2000, the Council and Redevelopment Agency Board approved land transfer <br /> of seven parcels in the 3400 Block of Rolison Road to Peninsula Habitat for Humanity <br /> (Habitat). A Grant Deed Restriction was recorded which provided for long term affordability <br /> requirements and subsequent sale of units built to eligible first time homebuyers. The <br /> document assumed that Habitat would be using volunteer labor and that no provision for <br /> construction financing would be necessary. The only encumbrance allowed under the <br /> existing agreement would be actual mortgages that Habitat would make to the individual <br /> eligible buyers of the units at the time of sale. <br /> Habitat has determined that secondary financing is required in order to obtain financing <br /> to pay for foundation and other work which will be subcontracted prior to the volunteer <br /> labor getting underway in September. An Amendment to the Deed Restriction is required <br /> in order for such financing to occur. Habitat plans to take a loan of approximately <br /> $500,000 from the Enterprise Foundation for the proposed work. This loan will be recorded <br /> secondary to the City and Agency's Deed Restrictions and will not require subordination <br /> of these affordability conditions and restrictions. <br /> Fiscal Impact <br /> There is no fiscal impact to the City as a result of this proposed action. <br /> � � <br /> � <br /> �� n � <br /> � <br /> ,:' /' ° �� � � ; �'`� i <br /> � .. � <br /> ( Deb�i Jon s-T " a� eborah Nelson Ed Everett i <br /> Ho�ng Coordiraatelr Community Development City Manager <br /> Services Director <br /> Attachment <br /> Amended Deed Restriction <br /> __ . ..__ _ _ . _. <br />