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6.J.- Page 6of13 <br />Office of the City Manager <br />Melissa Stevenson Diaz, City Manager <br />Redwood <br />CityCalifornia <br />Founded 1861 <br />December 17, 2019 <br />Stephen Emami, President <br />353 Main Street Apartments, L.P. <br />c/o ROEM Development Corporation <br />1650 Lafayette Street <br />Santa Clara, CA 95050 <br />Re: 353 Main Street Apartments <br />Dear Mr. Emami, <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />(650) 780-7301 <br />Fax(650)780-7225 <br />On December 16, 2019, the City Council of the City of Redwood City, approved a commitment of funds <br />to make a loan of up to Three Million Five Hundred Thousand Dollars ($3,500,000) (the "Loan") <br />consisting of approximately Seven Hundred Forty -Seven Thousand Two Hundred Sixty One Dollars <br />($747,261) of Housing In -Lieu Fee Funds, approximately Five Hundred Twelve Thousand Four Hundred <br />Fourteen of City Affordable Housing Funds ($512,414), and approximately Two Million Two Hundred <br />Forty Three Hundred Twenty -Four Dollars ($2,240,324) of Low and Moderate Income Housing Asset <br />Funds. The Loan would provide financial assistance to the 353 Main Street Apartments affordable <br />housing development. The project is in the City of Redwood City and includes the construction of a 125 - <br />unit low-income multifamily rental housing community (including 1 manager's unit). <br />The funds will be made available as a loan under the following terms: <br />• Interest Rate: 3% <br />• Term of Affordability: 57 years from construction closing <br />• Term of the Loan: 57 years from construction closing <br />• Repayment: Annual payments based on 50% of residual receipts as defined in the loan <br />agreement. When other public funding is involved, the City will negotiate the payment of <br />residual receipts. <br />• Collateral: Deed of Trust and Regulatory Agreement. <br />The commitment of Housing Asset Funds made hereunder is consistent with the purposes of the use of <br />the Low and Moderate Income Housing Asset Fund established by the City pursuant to Health & Safety <br />Code Section 34176 and constitutes an encumbrance of said funds as of the date of this Letter, in <br />compliance with the terms of Health and Safety Code Section 34176.1(d). A loan agreement and <br />�E <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org <br />350 <br />