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MINUTE ORDER <br />JOINT CITY COUNCIL / SUCCESSOR AGENCY BOARD <br />PUBLIC FINANCING AUTHORITY MEETING <br />May 20, 2019 <br />MO. 19-106 <br />CITY CLERK DEPARTMENT <br />Redwood City <br />Date: May 20, 2019 <br />Attention: City Attorney <br />Community Development Director <br />**hard copy available upon request** <br />SUBJECT: Assignment, assumption, and loan modification agreement with <br />Redwood Oaks Associates II LP, for funds to rehabilitate Redwood Oaks Apartments <br />at 330-340 Redwood Avenue and to preserve affordable housing units for 55 years <br />AGENDA ITEM: 6.6. (304) <br />Meeting of the Joint City Council/Successor Agency Board/Public Financing Authority <br />Meeting on May 20, 2019. <br />Present: Councilmembers Aguirre, Borgens, Hale, Masur, Reddy, and Mayor Bain <br />M/S Aguirre/Hale to approve and authorize the City Manager or designee to execute related <br />loan modification documents for funds to rehabilitate Redwood Oaks Apartments, including <br />execution of an assignment, assumption, and loan modification agreement, an amended and <br />restated secured promissory note and an amended and restated deed of trust, assignment <br />of rents, security agreement and fixture filing, and approve and authorize the City Manager <br />to make any minor, clarifying and conforming changes to the agreements specified above as <br />approved by the City Attorney and take any action necessary to effectuate the agreements. <br />Motion passes 6-0 by electronic vote with Vice Mayor Howard absent. <br />Rum i <br />Pamela Aguilar, CMC <br />City Clerk <br />