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WHEREAS, Peninsula Habitat for Humanity, Inc. has agreed to build six <br />ownership units on the Property for sale to very low income households currently residing <br />within the city limits of Redwood City; and <br /> <br /> WHEREAS, the units will be encumbered with restrictions which will limit the <br />sale of the units to Eligible Households; and <br /> <br /> WHEREAS, an agreement for the funding of the sum of $260,000.00 for the <br /> <br />acquisition of the Property has been presented to, and reviewed by, this Council. <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. That certain agreement entitled, "Agreement with Peninsula Habitat For <br /> <br />Humanity For Funding to Acquire Land at 422 & 430 Lincoln Avenue" (the "Agreement") <br />by and between the City of Redwood City, the Redevelopment Agency of the City of <br />Redwood City and Peninsula Habitat for Humanity, Inc., a copy of which Agreement is on <br />file in the office of the City Clerk and to which copy reference is hereby made for the full <br />particulars thereof, is hereby approved. <br /> <br /> 2. The City Manager and the City Clerk are hereby authorized and directed <br /> <br />to execute and attest thereto, respectively, the Agreement in a form approved by the City <br />Attorney and in substantial compliance with the terms and conditions set forth in the <br />Agreement for and on behalf of the City of Redwood City. <br /> <br /> 3. The City Manager is hereby authorized and directed to execute such other <br /> <br />documents approved by the City Attorney which are deemed necessary and appropriate to <br />implement the conveyance of property and the funding contemplated by this Agreement on <br />behalf of City of Redwood City. <br /> <br />Sh/redwood/council <br />Reso-571.doc <br />FXS/fs 13546 <br />01/19/99 <br /> <br /> <br />