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<br />/ 02 '1 I <br /> <br />SWC : mmg 8 / 18 ( # 3 7/0 11 ) <br />SWC:aml 8l11/88R <br /> <br />~"';y <br />,.. "'-'I <br />. -' <br /> <br />--------- <br /> <br />A G R E E MEN T <br /> <br />HERON COURT PAINTING PROJECT (CDBG) <br /> <br />j! .(J.I: AGREEMENT, made and entered into this <br />~.lflv: , 1988, by and between the CITY <br />CITY, a municipal corporation of the State of <br /> <br />) 71'-' <br />"f day of <br /> <br />OF REDWOOD <br /> <br />California, <br /> <br />hereinafter referred to as "City," and HERON COURT COOPERATIVE, <br /> <br />INC., a California non-profit Corporation, hereinafter referred <br /> <br />to as "Heron Court"; <br /> <br />WIT N E SSE T H : <br /> <br />WHEREAS, Heron Court, which was established for the purpose <br /> <br />of providing limited equity residential ownership to low and <br /> <br />moderate income persons in the City of Redwood City has requested <br /> <br />financial assistance for its proposed painting project; and <br /> <br />WHEREAS, in consideration of said financial assistance, <br /> <br />Heron Court is willing to provide to the City access to Heron <br /> <br />Court's financial records, and is further willing to meet certain <br /> <br />hereinafter described goals in its operation and management, <br /> <br />during the fiscal year July 1, 1988 - June 30, 1989; <br /> <br />NOW, THEREFORE, the parties hereto agree as follows: <br /> <br />1. <br /> <br />CITY OBLIGATION. <br /> <br />City shall allocate from its CDBG <br /> <br />funds to Heron Court the sum of One Hundred Sixty Thousand Five <br /> <br />Hundred Sixty and No/I00 Dollars ($160,560.00) for the sole <br /> <br />purpose of financing the Heron Court painting project during the <br /> <br />fiscal year commencing July 1, 1988, and ending June 30, 1989, in <br /> <br />accordance with the "Management Goals and Guidelines" set forth <br /> <br />in Exhibit "A", and with the budget set forth in Exhibit "B" both <br /> <br />exhibits of which are attached hereto and incorporated herein by <br /> <br />reference. <br />