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11/08/2010 ORIGINAL RESOLUTION NO. 15063 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY MAKING CERTAIN FINDINGS AND APPROVING AND AUTHORIZING THE EXECUTION OF AN AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AT 3272 ROLISON ROAD WHEREAS, the City previously provided Community Development Block Grant funds to assist with the rehabilitation of certain real property at 3272 Rolison Road (the "Property "), and subsequently acquired the Property in 1995 with CDBG funds in order to avoid a foreclosure sale of the Property; and WHEREAS, during the term of its ownership, the City has maintained the Property as affordable housing; and WHEREAS, the U. S. Department of Housing and Urban Development has notified the City that it must sell the Property or be at risk of repaying the CDBG funds used for the Property; and WHEREAS, the San Mateo County Service League ( "Service League ") desires to acquire the Property and maintain it for affordable housing; and WHEREAS, Section 3 1/2 of the Redwood City Charter provides that if the City proposes to sell real property, certain procedures must be followed, including a public notice, appraisal of current market value, and sale to the highest responsible bidder; and WHEREAS, Government Code section 37364 expressly provides that if City Council determines that the property shall be used for affordable housing purposes, it may sell such property for less than fair market value and that such findings shall supersede the provisions of a city charter. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF REDWOOD CITY AS FOLLOWS: SECTION 1. The City Council hereby finds and determines that it is in the City's best interest that the Property be used to provide housing that is affordable to persons and families of low or moderate income, as defined by Section 50093 of the Health and Safety Code or as defined by the United States Department of Housing and Urban Development. SECTION 2. The proposed Agreement for Purchase and Sale of Real Property (Including Escrow Instructions) (the "Agreement "), a copy of which is attached hereto as Exhibit A and incorporated herein by reference, provides that the San Mateo County Service League shall maintain the Property as affordable housing. The Agreement 82483.00000 \5717260.1 # 15063 ATTY/RESO/RESO.2060 MUFF # 405 11/17/10 1