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6.B. - Page 1 of 177 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: July 13, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Affordable housing loan agreement, regulatory agreement, and subordination request for the <br />development of 125 affordable, rental units at 353 Main Street <br />RECOMMENDATION <br />1. By motion, approve and authorize the City Manager to execute a $3.5 million Loan Agreement and all <br />related documents, including a Regulatory Agreement and Declaration of Restrictive Covenants, with 353 <br />Main Street Apartments LP; <br />2. By motion, approve and authorize the City Manager to execute a Subordination Agreement with 353 <br />Main Street Apartments LP and Citibank, N.A.; <br />3. By motion, authorize the City Manager to make any minor, clarifying and conforming changes to the <br />agreements specified above, as approved by the City Attorney; and <br />4. By motion, authorize the City Manager to take all actions necessary to complete this transaction, <br />including execution of any other necessary documents. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Housing <br />BACKGROUND <br />The project is a 7 -story 100% affordable multi -family residential building consisting of 125 for -rent units <br />located at 353 Main Street. The building includes two levels of above -grade parking and the building would <br />contain a mix of studios, one -bedroom, and two-bedroom units. The originally approved project included <br />19 affordable units; however, after discussions with the City and the San Mateo County Department of <br />Housing, ROEM decided to make the project entirely affordable. The project includes 63 extremely low- <br />income units and 61 low-income units, with one unit reserved for an on-site manager. In order to convert <br />all of the units in the project to be affordable, City, County, and tax -credit funding was needed. ROEM <br />Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />