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<br />DES:djk 08/17/88 <br /> <br />(#21) <br /> <br />WHEREAS, the Redwood City Development Association, Inc. <br /> <br />(" Association") was formed for the purpose of providing <br />affordable housing in the City of Redwood City, and is willing to <br />contribute $44,565 toward funding the Facility to enable the City <br />to use an equal amount of CDBG funds for an eligible project or <br />projects; and <br />WHEREAS, in exchange for said contribution by Association, <br />Association desires a proportionate share in the equity of the <br />Facility and security heretofore provided to City in connection <br />with the contribution; and <br />WHEREAS, there has been presented to, and reviewed by this <br />Council an agreement providing for the assumption by Association <br />of $44,565 of City's prior contribution for the Facility and for <br />corresponding share in the equity and security of the Facility <br />project; <br />NOW, THEREFORE; <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br />AS FOLLOWS: <br />That certain agreement entitled "Agreement for Funding a <br />Portion of the Family Living Center", (form dated 8/1/88) by and <br />between the City of Redwood City, a municipal corporation of the <br />State of California and the Redwood City Development Association, <br />Inc., a California non-profit corporation, providing for payment <br />by said Association to City of $44,565 to replace City's prior <br />contribution of an equal amount toward the acquisition price of <br />the Facility and an assignment to said Association by City of a <br /> <br />2 <br />