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Res18 15644
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Res18 15644
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Last modified
10/11/2019 7:58:05 AM
Creation date
10/11/2019 7:57:54 AM
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
2/12/2018
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING A LOAN IN THE AMOUNT OF $1, 100, 000 FROM THE AFFORDABLE HOUSING FUND IN CONNECTION WITH THE REFINANCING OF PROPERTY LOCATED AT 3752-3770 ROLISON ROAD FOR AFFORDABLE HOUSING PRESERVATION; APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE RELATED LOAN DOCUMENTS; AND AUTHORIZING THE CITY MANAGER TO TAKE ALL OTHER NECESSARY ACTIONS
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02/12/2018 <br />RESOLUTION NO. 15644 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />REDWOOD CITY APPROVING A LOAN IN THE AMOUNT OF <br />$1,100,000 FROM THE AFFORDABLE HOUSING FUND IN <br />CONNECTION WITH THE REFINANCING OF PROPERTY <br />LOCATED AT 3752-3770 ROLISON ROAD FOR AFFORDABLE <br />HOUSING PRESERVATION; APPROVING AND AUTHORIZING <br />THE CITY MANAGER TO EXECUTE RELATED LOAN <br />DOCUMENTS; AND AUTHORIZING THE CITY MANAGER TO <br />TAKE ALL OTHER NECESSARY ACTIONS <br />WHEREAS, the City Council adopted the Affordable Housing Impact Fee <br />Ordinance ("Ordinance") on December 7, 2015 as a mechanism to increase the <br />supply of affordable housing pursuant to the City's Housing Element. The <br />Ordinance is applicable to residential and nonresidential development projects <br />for which applications were deemed complete prior to September 21, 2015. The <br />Ordinance requires that all fees collected be deposited into the City's Affordable <br />Housing Fund to be used to increase and preserve the supply of housing <br />affordable to households of extremely low, very low, low and moderate income <br />households; and <br />WHEREAS, the City's Housing Element goals include expanding the <br />supply of affordable housing and preservation of existing affordable housing; and <br />WHEREAS, MP Mosaic Gardens Associates, L.P. ("MidPen") has <br />submitted a request for funding assistance from the City's Affordable Housing <br />Fund to refinance real property located at 3752-3770 Rolison Road in Redwood <br />City to be used to provide affordable rental housing for extremely low, very low <br />and low income households; and <br />WHEREAS, the property located at 3752-3770 Rolison Road includes 55 <br />multifamily units consisting of 53 studios and 2 one -bedroom units; and <br />WHEREAS, on April 24, 2017 the City Council committed One Million One <br />Hundred Thousand and no/100 Dollars ($1,100,000.00) of Affordable Housing <br />Funds for Mid Pen's acquisition of the property (the "Loan") contingent upon <br />preparation and Council approval of loan documents on or before February 1, <br />2018; and <br />ATTY/RESO.0009/CC RESO APPROVING A LOAN FOR AFFORDABLE HOUSING FUND MID PEN ATHERTON COURT <br />RESOLUTION NO. 15644 <br />REV: 02-06-1815 MUFF NO. 304 <br />Page 1 of 3 <br />
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