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6.B. - Page 4 of 177 <br />FISCAL IMPACT <br />Table 1 provides a list of the sources of funds to be used for the $3.5 million loan for the project. There <br />is no fiscal impact to the General Fund as a result of this action. <br />ENVIRONMENTAL REVIEW <br />On May 21, 2018, the Redwood City Council determined that this project is exempt from the California <br />Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15332 (Class 32 — "Infill <br />Development Projects"). This proposal to approve a loan agreement and related documents is not a <br />project under California Environmental Quality Act (CEQA) as defined in CEQA Guidelines, section 15378, <br />because it has no potential for resulting in either a direct or reasonably foreseeable indirect physical <br />change in the environment. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The Council may choose not to approve the loan agreement and subordination agreement, which will be <br />contrary to the intent of the parties. <br />ATTACHMENTS <br />Attachment A — Loan Agreement <br />Attachment B — Subordination Agreement <br />REPORT PREPARED BY: <br />Alin Lancaster, Housing Leadership Manager <br />alancaster@redwoodcity.org <br />(650) 780-7299 <br />APPROVED BY: <br />Alex Khojikian, Assistant City Manager <br />Melissa Stevenson Diaz, City Manager <br />Page 4 of 4 <br />AL . <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />33 <br />