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<br />ATTACHMEIT__ _ ~ <br /> <br />6.2A <br />Page 11 <br /> <br />FINANCIAL SUMMARY REPORT FOR <br />THE OWNER PARTICIPATION AGREEMENT BY AND BETWEEN <br />REDWOOD CITY REDEVELOPMENT AGENCY <br />AND <br />MENTAL HEALTH ASSOCIATION OF SAN MATEO COUNTY <br /> <br />I. INTRODUCTION <br /> <br />This report outlines the salient parts of the Owner Participation Agreement (Agreement) to be <br />entered into by and between the Redwood City Redevelopment Agency, and Mental Health <br />Association of San Mateo County, a California non-profit corporation (Developer). It also <br />provides full disclosure with respect to the Agency's financial obligations related to the Owner <br />Participation Agreement. The Redwood City Redevelopment Agency (RDA) will contribute up to <br />$250,000 of cash assistance to fund its financial obligations under the Agreement. <br /> <br />Under this Agreement, the Developer will develop the Cedar Street supportive housing project, <br />consisting of fifteen (15) rental units, approximately 1,800 square feet of common area facilities <br />including a community room, an outdoor courtyard area, and eight parking spaces. The building <br />will be two stories in height. The site area is 12,875 square feet, or approximately 0.30 acres. <br />The Agreement calls for seven (7) of the units to carry 55-year affordability covenants limiting <br />occupancy to Very Low income households earning up to 50% of AMI. <br /> <br />This report is based upon information in the proposed Agreement and is organized into the <br />following six sections: <br /> <br />1. Summary of the Proposed Agreement - This section includes a description of the <br />property, the proposed development and the major responsibilities of the Agency and <br />the Developer. <br /> <br />2. Cost of the Agreement to the Redwood City Redevelopment Agency - This section ~ <br />outlines the cost of the Agreement to the Agency for costs to be funded with <br />Redevelopment Agency (RDA) tax increment funds. <br /> <br />3. Estimated Value of the Interest to be Conveyed - This section summarizes the value <br />of the property. <br /> <br />4. Consideration Received and Reasons Therefor - This section describes the value of <br />the payments, if any, to be made by the Developer to the Agency. <br /> <br />5. Provision of Very Low-, Lowe, or Moderate-Income Housing - This section <br />demonstrates how the sale of the property will provide housing for Very Low-, Low., or <br />Moderate-income persons. <br /> <br />Keyser Marston Associates, Inc. <br />C:\Documenls and Settings\djones.lhomas\Local Sellings\Temporary Internet Files\OLK133\005-001.doc <br /> <br />12/3/2008 <br />Page 1 <br />