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0 R I G I N A L 9/23/96 <br /> <br /> RESOLUTION NO. 12927 <br /> <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION <br /> OF AGREEMENT FOR THE ACQUISITION OF APARTMENT <br /> BUILDING FOR LOW INCOME REDWOOD CITY RESIDENTS <br /> <br /> (St. FRANCIS CENTER OF REDWOOD CITY) <br /> <br /> WHEREAS, St. Francis Center of Redwood City ("Contractor") intends to <br />purchase a 24 unit apartment building to house Iow and moderate income <br />families for residents of the County of San Mateo and the City of Redwood City <br />(the "Program"); and <br /> <br /> WHEREAS, Contractor has requested financial assistance from the <br />County of San Mateo and the City of Redwood City in order to acquire the <br />apartment building located at 2683 Marlborough Avenue, in the unincorporated <br />area of Redwood City; and <br /> <br /> WHEREAS, the City of Redwood City has reviewed said request and <br />desires to allocate to Contractor, the sum of Eighty Three Thousand Four <br />Hundred Seventeen and No/100 Dollars $83,417.) from its Community <br />Development Block Grant funds for the foregoing purposes; and <br /> <br /> WHEREAS, an agreement providing for such funding has been presented <br />to, and reviewed by, this Council; and <br /> <br /> WHEREAS, the agreement with Contractor provides that at least 2 units <br />will be available to Iow income Redwood City residents; and <br /> <br />WHEREAS, it is the intention and desire of this Council to approve said <br />agreement and authorize its execution; <br /> <br /> NOW, THEREFORE; <br /> <br /> <br />