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<br />6.18 <br />Page 3 <br /> <br />RESOLUTION NO. RD- <br /> <br />RESOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY <br />APPROVING THE AMENDED DISPOSITION AND DEVELOPMENT <br />AGREEMENT BY AND BETWEEN THE REDWOOD CITY <br />REDEVELOPMENT AGENCY AND PENINSULA HABITAT FOR <br />HUMANITY <br /> <br />WHEREAS, on March 14,2005, the Agency entered into a DDA with Peninsula <br />Habitat for Humanity ("PHfH") for the construction of 8 very low to low income <br />ownership town homes (the "Original Agreement"); and <br /> <br />WHEREAS, on or about August 2007, the City agreed to provide a development <br />grant of $321,000 from CDBG funds and $311,826.75 in HOME funds in the 2007-2008 <br />HUD grant funding cycle as recommended by the Housing and Human Concerns <br />Committee; and <br /> <br />WHEREAS, CDBG funds can be used for site acquisition, they cannot be used <br />for construction of self-help ownership housing construction where labor is provided <br />primarily by volunteers; and <br /> <br />WHEREAS, it has come to the attention of the Parties that the Developer <br />requires additional assistance from the Agency in order to complete the project; and <br /> <br />WHEREAS, Housing Set-Aside funds are the best available source of funding <br />that may be used for this type of construction activity; and <br /> <br />WHEREAS, the Agency has determined that it is necessary to substitute the <br />previously approved CDBG and HOME funds with Housing Set-Aside funds to enable <br />PHfH to utilize all of the funds for the construction of the 8 units that comprise the <br />Lincoln Town Home Project; and <br /> <br />WHEREAS, the Agency and the Developer deem it desirable to amend the <br />Original Agreement pursuant to the terms of Amendment No. 1 to the Disposition and <br />Development Agreement (the "Amendment"), on file with and available at the City <br />Clerk's Office. with the Developer that reflects the aforementioned change in funding <br />sources and to make necessary ministerial changes. <br /> <br />NOW, THEREFORE, THE REDWOOD CITY REDEVELOPMENT AGENCY <br />DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: <br /> <br />Section 1. The foregoing Recitals are true and correct and are incorporated <br />herein by this reference. <br /> <br />Section 2. . The Agency hereby finds that this Amendment is consistent with <br />the Five Year Implementation Plan (for the 2005-2009 period) previously adopted by the <br /> <br />AttylResolReso.1812 <br />042408 <br /> <br />1 <br />