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6.N. - Page 1 of 19 <br />/<;i-ik <br />Redwood <br />CitylCallifornia <br />wended 1967 <br />4W <br />DATE: October 12, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Affordable Housing Regulatory Agreement for thirty-seven affordable units at 1 Franklin Street (The <br />Cardinal Apartments) <br />RECOMMENDATION <br />1. By motion, approve an Affordable Housing Regulatory Agreement and Declaration of Restrictive <br />Covenants with the Board of Trusteesofthe Leland Stanford Junior Universityto deed -restrict thirty-seven <br />of the units at 1 Franklin Street as affordable housing; and <br />2. By motion, authorize the City Manager to execute the Agreement, subject to any minor, clarifying and <br />conforming changes approved by the City Attorney, and to take all actions necessary to carry out the <br />Agreement. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Housing <br />BACKGROUND <br />In September 2019, Greystar Real Estate Partners completed the project at 1 Franklin Street, a 175 -unit <br />rental property previously known as Elan Redwood City ("Property'). The Property consists of 20 studio <br />units, 110 one -bedroom units, and 45 two-bedroom units. Seeking to expand housing options for <br />members of the Stanford University community, Stanford University ("Stanford") purchased the Property <br />and renamed it The Cardinal Apartments in November 2019. <br />In 2018, Stanford University opened its new campus in Redwood City, with more than 2,000 staff <br />members now working approximately 1.5 miles from the City's downtown. The purchase of the Property <br />Page 1 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />117 <br />