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o RIG I N A L DES:dft 1 L/Ol/90 (030/29) DES:dft 1 (04/90R 12/10/90 RES 0 L UTI 0 N N O. 11460 RESOLUTION APPROVING AND AGREEMENT FOR FACILITATION PROGRAM AUTHORIZING EXECUTION OF OF FIRST-TIME HOME BUYERS (MID-PENINSULA HOUSING MANAGEMENT CORPORATION) WHEREAS, the City of Redwood City has established a "first-time home buyers program" for the purpose of providing first-time ownership housing to low and moderate income households in the City of Redwood City; and WHEREAS, Mid-Peninsula Housing Management Corporation, a California non-profit corporation ("Mid-Peninsula") represents that it is experienced and knowledgeable in marketing first-time purchases of housing for low and moderate income families; and WHEREAS, Thomas M. and Louise V. Curran ("Owners") are the owners of that certain real property known as the Chestnut-Hilton Condominiums in the City of Redwood City; and WHEREAS, as a condition to the approval of the development of said condominiums and for valuable consideration Owners have agreed to designate certain Condominium units within said condominium project which shall be offered for purchase to low and moderate income households; and WHEREAS, Mid-Peninsula desires to enter into an agreement with the City pursuant to which Mid-Peninsula shall facilitate the marketing and sales of the aforesaid units designated for low and moderate income households in furtherance of the City's first time home buyers program and in furtherance of the conditions of approval of the aforesaid condominium project;