AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 6 of 113 THIS AFFORDABLE HOUSING GRANT AGREEMENT (this "Agreement") is entered into effective as of , 2021 ("Effective Date") by and between the City of Redwood City, a charter city and municipal corporation ("City") and Habitat for Humanity Greater San Francisco, Inc., a California nonprofit public benefit corporation ("Developer"). The City and the Developer are collectively referred to herein as the "Parties." RECITALS A. Developer is the owner of the real property located at 612 Jefferson Avenue in Redwood City, San Mateo County, California, and more particularly described in Exhibit A attached hereto (the "Property"). B. Developer intends to construct a residential condominium project on the Property that will consist of 20 for -sale dwelling units together with parking and related improvements (collectively, the "Project"). C. Upon satisfaction of the conditions precedent set forth in this Agreement and subject to the terms and conditions set forth herein, the City has agreed to provide a grant to Developer using City in lieu housing fee funds and affordable housing impact fee funds to assist in financing development of the Project. D. On May 22, 2017, the City Council approved an initial study for the Project and determined that the Project qualifies for exemption from the California Environmental Quality Act (CEQA) pursuant to Public Resources Code Sections 21159.21 and 21159.23. In addition, the City Council approved a reduction in required parking for the Project pursuant to State Density Bonus Law. E. Substantially concurrently with the execution of this Agreement, among other documents, Developer will execute, deliver to City, and cause to be recorded in the Official Records a Regulatory Agreement that will impose affordability and resale restrictions on the Project. Pursuant to the Regulatory Agreement, Developer will be obligated to sell the residential units in the Project to Eligible Households at Affordable Housing Cost, and homebuyers will be required to execute and record a resale restriction agreement in the form attached as an exhibit to the Regulatory Agreement. F. A material inducement to City to enter into this Agreement is the agreement by Developer to develop the Project within the time periods specified herein and in accordance with the provisions hereof, and the City would be unwilling to enter into this Agreement in the absence of an enforceable commitment by Developer to take such actions and complete such work in accordance with such provisions and within such time periods. NOW, THEREFORE, in consideration of the mutual covenants contained herein and good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows. REV: 01-22-21 PR 19 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 2 of 109)