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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
Metadata
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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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to perform under this Agreement. Contractor will, upon demand by City, pay City the full <br />amount owing to City as a result of any such audit exception. <br />City will monitor Contractor's Project and expenditures made pursuant to this <br />Agreement annually to verify Contractor's compliance with this Agreement and local <br />contract requirements, provided that City may monitor more frequently as City deems <br />necessary. Contractor shall cooperate with City and provide all documents and <br />information requested by City in a timely and accurate fashion. <br />Contractor shall pay City to cover the administrative cost of compliance monitoring <br />that is designed to confirm adherence to the Agreement requirements and provide <br />technical assistance to the Contractor, its representatives or management personnel (the <br />"Affordable Housing Monitoring Payment"). City shall only charge Contractor for costs <br />associated with the Affordable Units. The Affordable Housing Monitoring Payment is $162 <br />per unit for each of the following tasks: initial lease up, annual review and re -occupancy. <br />The City shall not charge Contractor for annual review in the same year as the City <br />charges for initial lease up. Additional technical assistance and compliance monitoring <br />required by City that exceeds 1 hour per month may be assessed at the rate of $162 per <br />hour. Contractor shall pay City the costs of the Affordable Housing Monitoring Payment, <br />including additional technical assistance and compliance monitoring, within fifteen (15) <br />days of City's request for payment. The City may adjust the Affordable Housing <br />Monitoring Payment from time to time. <br />10. RECORD RETENTION. Contractor shall retain all financial, supporting <br />documents, statistical records, and all other records pertinent to the Agreement for a <br />period of five (5) years from the end of the Loan Term. Notwithstanding the above, if there <br />ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) <br />REV: 02-06-18 JS <br />Page 9 of 41 <br />
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