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6.A. - Page 85 of 191 <br />CITY OF REDWOOD CITY <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />For the Fiscal Year Ended June 30, 2019 <br />NOTE 3 — LOANS RECEIVABLE (CONTINUED) <br />N. Redwood Oaks Associates <br />In May, 2019, the City entered into an agreement with Redwood Oaks Associates LLP, whereby $500,000 <br />from the City's HOME and CDBG grant programs were loaned to assist with the rehabilitation of the <br />Redwood Oaks Apartments at 330-340 Redwood Avenue. The loan term is 55 years and bears 0% interest. <br />The loan will be repaid annually from 50% of the project's net cash flow. The outstanding balance of the <br />loan at June 30, 2019 was $500,000. <br />57 92 <br />