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<br />DES:djk 08/17/88 (#21) <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />10864 <br /> <br />AUG 2 2 1988 <br />ORIGrNAl <br /> <br />RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br />AGREEMENT FOR ASSUMPTION OF PORTION OF CONTRIBUTION FOR <br />EMERGENCY HOUSING PROJECT <br /> <br />(REDWOOD CITY DEVELOPMENT ASSOCIATION, INC.) <br /> <br />WHEREAS, pursuant to agreement dated November 25, 1986 (the <br /> <br />"Agreement"), the City of Redwood City ("City") and the County of <br /> <br />San Mateo ("County") agreed to provide funds for the acquisition <br /> <br />and operation of the Family Living Center (the "Facility") to <br /> <br />provide emergency housing for homeless individuals and families, <br /> <br />which Facility would be operated by the Mid-Peninsula Coalition <br /> <br />Housing Fund, Inc.; and <br /> <br />WHEREAS, pursuant to the Agreement the City contributed <br /> <br />$452,000 of its Community Development Block Grant ("CDBG") funds <br /> <br />toward acquisition of the Facility, in exchange for which, the <br /> <br />City acquired the right to receive the greater of the aforesaid <br /> <br />contribution or 69.1% of the sale price, less closing costs, in <br /> <br />the event of sale of the Facility, and in further exchange for <br /> <br />which the City was named as a beneficiary, with the County, of a <br /> <br />note and deed of trust securing performance of the terms and <br /> <br />conditions of the Agreement; and <br /> <br />WHEREAS, subsequent to the aforesaid contribution of CDBG <br /> <br />funds by the City, the U. S. Department of Housing and Urban <br /> <br />Development determined that $44,565 of the CDBG funds contributed <br /> <br />by the City for acquisition of the Facility must be repaid as an <br />ineligible CDBG expenditure; and <br /> <br />10864 <br />