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6.1C Page 1 REPORT To the Honorable Mayor and City Council And the Redevelopment Agency Board From the Cií¥ Manager ami the Executive Direct~r April 3, 2006 Subject Funding agreement for First Community Housing Recommendation Approve a funding agreement between First Community Housing, City of Redwood City, and County of San Mateo for construction of Villa Montgomery Housing Development. Background On March 31, 2005, the Council and Agency Board approved. by Resolution No. 14624 and RD 05-01 respectively, a Disposition and Development Agreement ("DDA") with First Community Housing for the development of 58 affordable multifamily housing units. The DDA stipulated that the Agency provide monetary assistance in the form of a loan for the amount of $2,627,000 to be used for project development. Accordingly, the Agency also approved Resolution No. RD 05-02 which authorized staff to submit an application to the County of San Mateo for $500,000 to partially fund the project construction. The City was subsequently awarded the $500,000 in funding from the County. Additionally, the Housing and Human Concerns Committee recommended and the Council approved $200,000 in Community Development Block Grant funding in the 2005-2010 Consolidated Plan-Annual Action Plan for 2005-2006. Funds from these sources provide $700,000 of the Agency's $2,627,000 commitment as stated in the DDA. The County funding agreement obliges the City to disburse funds on behalf of the County and submit for reimbursement from the County. The Agreement (see attached) contains requirements of the developer that are specifiC to County policy (i.e., provision for a plaque to commemorate funding sources to include Redwood City, Redwood City Redevelopment Agency, and U.S. Department of Housing and Urban Development, provision for benefits equity, provision for jury duty pay). Also attached is an Affirmative Marketing Plan which is specifically required by the DDA that sets forth requirements for affirmatively marketing 11 units required by HOME funds and those units required to be built under Section 504 (5% must be wheel chair accessible and 2% must be adaptable for vision and hearing impaired). Alternative Not fund this activity from CDBG funds and budget $700,000 from Redevelopment Housing setaside funds currently available. 1:\2006 STAFF REPORTS, AGREEMENTS\O3-2006\FCH Villa Montgomery Funding Agreement ".' '_n _."". -..-..---",..-..-.-.....--.-'" ----- ""._,._....._."""",