Laserfiche WebLink
6.B. - Page 1 of 12 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: May 6, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />First Amendment to Agreement with MP Mosaic Garden Associates, L.P., for Funds to Refinance 3752- <br />3770 Rolison Road (Affordable Rental Housing) and First Amendment to the Declaration of Affordability <br />Covenants <br />RECOMMENDATION <br />By motion, approve amendments to the Agreement and the Declaration of Affordability Covenants the <br />City entered into with MP Mosaic Garden Associates, L.P., for Funds to Refinance 3752-3770 Rolison Road <br />(Affordable Rental Housing) and authorize the City Manager or designee to execute the amendments and <br />any documents necessary to effectuate the amendments. <br />STRATEGIC INITIATIVE <br />Housing <br />BACKGROUND <br />On April 24, 2017, the City Council by resolution approved a loan of $1,100,000 from the City's Affordable <br />Housing Fund for MiclPen Housing to assist with the acquisition of real property located at 3752-3770 <br />Rolison Road ("Mosaic Gardens," formerly named Atherton Court) in Redwood City for the preservation <br />of affordable housing. Mosaic Gardens is a 55 -unit apartment complex located at 3752, 3762, and 3770 <br />Rolison Road situated on an approximately 0.74 acre site. Mosaic Gardens includes three, two-story <br />garden style apartment buildings constructed in 1961 and 1962. The buildings consist of 53 studios and <br />two one -bedroom units, largely serving low-income tenants who receive rental subsidies from Abode <br />Services and other service agencies from San Mateo and Santa Clara Counties. Many tenants are also <br />Section 8 housing voucher holders. The property currently includes a rental office, laundry rooms, covered <br />and uncovered parking, and an outdoor courtyard space. <br />The funding the City Council approved for this acquisition loan was contingent upon preparation and City <br />Council approval of a funding agreement and loan documents, which were approved on February 12, <br />2018, and executed on February 26, 2018. The approval of funding for this project furthered the City's <br />goals to preserve existing affordable housing, produced additional deed restricted affordable housing <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />77 <br />