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<br />12/10/2007 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. RD 07-02 <br /> <br />A RESOLUTION APPROVING A CERTIFICATE OF COMPLETITION <br />FOR HALLMARK APARTMENTS AND AUTHORIZING THE <br />EXECUTIVE DIRECTOR TO EXECUTE ALL DOCUMENTS <br />PERTAINING THERETO <br /> <br />WHEREAS, the City Council and Redevelopment Agency Board approved a <br /> <br />three party Owners Participation Agreement (OPA) with KDF Hallmark, L.P. for the <br /> <br />acquisition and rehabilitation of Hallmark Apartments in December of 2003; and <br /> <br />WHEREAS, the project required substantial rehabilitation and energy efficiency <br /> <br />improvements to reduce operating costs and prolong the life of the property that cost <br /> <br />approximately $800,000; and <br /> <br />WHEREAS, the City and Agency subsidy was provided in the form of a loan of <br /> <br />$500,000 in HOME funds and $150,000 in Redevelopment Housing Funds; and <br /> <br />WHEREAS, beginning in the year 31, the City and Agency will receive monthly <br /> <br />principal and interest payments on these funds for 25 years; and <br /> <br />WHEREAS, the loan is secured by a recorded OPA naming the City and <br /> <br />Redevelopment Agency and their respective interests; and <br /> <br />WHEREAS, the OPA provides for the Redevelopment Agency to issue a <br /> <br />Certificate of Completion after the improvements have been completed and all of the <br /> <br />terms of the OPA have been met; and <br /> <br />WHEREAS, the work was completed in early September 2005. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AND THE <br /> <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY AS FOLLOWS: <br /> <br />Atty/Reso/Reso.1763 <br />120307 <br /> <br />RD 07-02 <br />Muff #405 <br />