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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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Exhibit A <br />(Declaration of Affordability Covenants) <br />RECORDING REQUESTED BY: <br />CITY OF REDWOOD CITY <br />When Recorded Mail To: <br />CITY OF REDWOOD CITY <br />City Clerk <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />SPACE ABOVE THIS LINE FOR RECORDER'S USE Exempt from Recording Fees under Govt. Code Section 27383 <br />DECLARATION OF AFFORDABILITY COVENANTS <br />MP Mosaic Garden Associates, L.P., hereinafter referred to as "Owner," agrees that the <br />property described in Attachment 1, which is incorporated herein by reference, and more <br />commonly known as 3752-3770 Rolison Road (the "Property"), shall be restricted for a <br />period of Fifty -Five (55) years from the date of Project Completion (the "Affordability <br />Period"). The Owner further agrees that (a) one of the units (the "Low Affordable Unit") <br />shall remain continuously affordable to Low Income Households forthe entire Affordability <br />Period, (b) thirty-two units (the "Very Low Affordable Units') shall remain continuously <br />affordable to Very Low Income Households for the entire Affordability Period, and (c) <br />twenty-one of the units (the "Extremely Low Affordable Units") shall remain continuously <br />affordable to Extremely Low Income Households for the entire Affordability Period. The <br />housing facility to be operated by Owner at the Property is hereinafter referred to as the <br />"Project." "Project Completion" shall be defined as the date of issuance of the Promissory <br />Note memorializing the loan from City to Owner of One Million One Hundred Thousand <br />and no/100 Dollars ($1,100,000.00) (the "Promissory Note") for refinancing of the <br />Property. These covenants will be binding on the Owner and any and all successors in <br />interest. <br />Reference is hereby made to that certain Funding Agreement (the "Agreement") by and <br />between the City of Redwood City, California (the "City") and the Owner, <br />dated .2018. <br />Affordable Housing Fund Definitions, Requirements, Rent and Occupancy <br />Restrictions - The following definitions, requirements and references may be <br />adjusted from time to time by the City, and any such adjustments shall be provided <br />in writing to Owner and incorporated by reference into these affordability <br />covenants: <br />1. Definitions: The following definitions shall apply throughout these affordability <br />covenants: <br />ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) <br />REV: 02-06-1815 <br />Page 19 of 41 <br />
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