Laserfiche WebLink
<br />Agreement with Mental Health Association of San Mateo County <br />Funding for Property Acquisition <br /> <br />Exhibit A <br /> <br />PROGRAM SERVICES <br /> <br />A. <br /> <br />ACTIVITIES <br /> <br />1. <br /> <br />Assignment and Transfer of Agreement <br /> <br />Notwithstanding Paragraph 7 herein, this Agreement may be assigned by Contractor to <br />and be assumed by a very low-income household (hereinafter called "Beneficiary") <br />provided that very low income "Beneficiary" shall assume all rights and obligations of the <br />Contractor hereunder, in form and content satisfactory to the City. <br /> <br />2. <br /> <br />AcQuisition <br /> <br />With funds provided under this Agreement, and funds to be deposited by Contractor <br />hereunder, Contractor shall acquire the property at 104 and 112 Cedar Street, in the <br />incorporated limits of Redwood City ("Property"). Contractor shall deposit $246,506.33 <br />plus sufficient fees for non recurring escrow fees in order to complete this sale at a <br />purchase price of $995,000. Upon completion of this acquisition, Contractor shall <br />provide sufficient funding and labor to complete the construction of special needs <br />housing on the subject property within 24 months from the date of execution of this <br />agreement. Contractor shall rent each of said units to an eligible and qualified Redwood <br />City resident to be determined in Affordability Covenants to be approved at a later date <br />in an Owner Participation Agreement between the Redevelopment Agency and <br />Contractor. <br /> <br />3. <br /> <br />Marketing <br /> <br />Contractor shall select occupants from a pool of applicants residing in the incorporated <br />limits of the City of Redwood City no later than the date on which units become <br />available. Contractor shall include as part of its marketing efforts, outreach to chronic <br />homeless and at-risk of being homeless households transitioning through one of the <br />various homeless and self sufficiency assistance programs operating in the City of <br />Redwood City. <br /> <br />4. <br /> <br />Income Affordabilitv and OccuDancv Restriction <br /> <br />In accordance with the provisions of the HOME Investment Partnership (HOME) <br />Program, the units built on this property shall be subject to HOME Program <br />requirements and shall be at all times, be occupied by qualified low income households. <br /> <br />1 <br />