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�_ <br /> i <br /> REP�R T . <br /> _ :: <br /> :: ::.. <br /> '' To the Honorable Mayor and City Council and <br /> . <br /> ' Redevetopment''Agency Bvard <br /> August 14 2000 <br /> Subject <br /> Amendment to Grant Deed Restrictions — 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 ��rm affordability <br /> requirements and subsequent sale of units built to etigible first time hom�:�uyers. The <br /> document assumed that Habitat would be using volunteer labor and that no pr� ���sion for <br /> construction financing would be necessary. The only encumbrance allowed ur .'er 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 /> $500,000 from the Enterprise Foundation for the proposed work. This loan will be recorded <br /> secondary to the City and Agency's Deed Restrictions and will not require subordina#ion <br /> of these affordability conditions and restrictions. <br /> Fiscal Impact <br /> There is no fiscal impact to the City as a result of this proposed action. <br /> ' r <br /> / <br /> � � <br /> / � ' 'ii `��� • ' � �l� l� �. <br /> Debbi Jon$s-Thumas �Deborah Nefson � Ed Everett i <br /> \�using Coordir�ater Communiry Development Ciry Manager <br /> Services Director <br /> Attachment <br /> Amended Deed Restriction <br />