AgdaPkt 2006-04-03 - Laserfiche WebLink

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6.1C Page 10 Exhibit "An Program/Project Description In consideration of ilie payments set forth in Exhibit "B", Contractor shall provide the following services: Con1ractor shall use the funds provided to assist with the development of 58 affordable rental units (the Project) on that property commonly known as 1540 EI Camino Real, Redwood City, CA. The actual activities eligible for funding with these fimds shall include, but not be limited to, cost of architecture and engineering, construction of the units and common space, and any necessary site improvements. The Project shall be built in conformance with plans and specmcations approved by the City of Redwood City and in conformance with that Disposition and Development Agreement (ilie DDA) executed by and between the Redevelopment Agency of the City of Redwood City and Contractor dated March 31, 2005 and recorded in the office of the County Recorder on August 17, 2005 as Document NUmber 2005-141296 Official Records of the County of San Mateo. Contractor shall cmy out its construction of the improvements in accordance with the Davis-Bacon Act which requires among other things, the payment of prevailing wage for all construction workers. The prevailing wage applicable to the Project shall be either the Federal or State wage rate for each wo:rker classification, whichever is higher. The City of Redwood City accepts responsibility to monitor the Project for compliance, and shall maintain a Davis-Bacon Compliance File for a period of no less than five years ITom the date of coJttpletion of construction of the Project. The City shall provide certification to the County that the Project was constructed in compliance with the State and Federal requirements. Contractor has executed a Promissory Note and Deed of Trust in favor of the City of Redwood City and/or its Redevelopment Agency in the total amount of $2,627,000. The $500,000 provided by the County and the $200,000 provided by the City under this Agreement are a part of that total. Said Note accrues interest at three percent (3%) simple interest and is to be repaid on an annual basis from seventy percent (70%) of the Projects Net Cash Flow. The City hereby acknowledges that the County's funds represent 19% of the total funds provided to the Project as part of such loan and agrees to submit to the County 19% of any payments received ITom the Contractor in repayment of said Note. The City CDBG fimds represent 8% of the total funds and Redevelopment Agency funds represent 73% of the to~ any payments received shall be apportioned in accordance with these percentages. In the event of a default in the terms of this Agreement or the D DA, the entire Principal balance and any unpaid interest may be declared due and payable; any payment received as the result of such default shall be paid in accordance with the above referenced proportions. Contractor has also executed a "Declaration of Affordability Covenants" (DAC) establishing the affordability of units in accordance with State Redevelopment law requirements and in accordance with requirements of the HOME Inves1ment Partnership Act which is the source of the $500,000 provided under this agreement by the County as well as other funds used by the City of Redwood City to acquire the land. Contractor and City agree that the County shall have all rights of enforcement of this DAC as if County had been named in the original document. Contractor shall provide to County copies of all reports required to be submítted to the City or the Redevelopment Agency by both the DDA and the DAc. Such reports shall be delivered to County at the time that they are provided to the City or the Redevelopment Agency. Mandatory Acknowlede:ement of Funder Contractor agrees that any advertising, marketing, public presentations, press releases, written materials or project descriptions shall acknowledge the financial and technical assistance provided by the County of San ConlnlctVM 8