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<br />6.2A <br />Page 13 <br /> <br />II. SUMMARY OF THE PROPOSED AGREEMENT <br /> <br />A. Description of the Property and the Proposed Project <br /> <br />Property <br /> <br />The development site is approximately 0.30 acres in size and is located at the corner of Cedar <br />Street and Lathrop Street in Redwood City. The site is currently owned by the Developer, and <br />was recently purchased with financial assistance provided by the City of Redwood City with <br />CDSG and HOME funds. <br /> <br />Developer <br /> <br />The Developer is Mental Health Association of San Mateo County, a California non-profit <br />corporation. <br /> <br />Project Description <br /> <br />The project subject to this Agreement is known as Cedar Street Apartments and will consist of <br />fifteen (15) apartments in two-stories. Fourteen (14) of the units will be approximately 450 <br />square foot studio units. The manager's unit will be a 600 square foot one-bedroom unit. <br />Supportive services will be provided for residents of the project. The Agreement calls for seven <br />(7) of the units to be rented to Very Low income households (earning up to 50% of the area <br />median income). <br /> <br />The Agreement calls for a regulatory agreement with an affordability covenant recorded against <br />the property reflecting the affordability requirements on the seven units for a period of 55 years. <br /> <br />B. Agency Responsibilities <br /> <br />Agency responsibilities under the Agreement include the following: <br /> <br />· The Agency will provide the project with up to $159,202 of cash assistance to be used to <br />pay for required offsite improvements and in-lieu fees related to undergrounding of <br />utilities ("Development Grant"); <br /> <br />· The Agency will provide the project with up to $90,798 of cash assistance to be used to <br />pay for City fees related to the construction of the project ("Fee Subsidy"); <br /> <br />· In total, therefore, the Agency will contribute up to $250,000 of cash assistance to the <br />project. <br /> <br />Keyser Marston Associates, Inc. <br />C:\Docwnents and Settings\djones-thomas\Local Settings\Temporary Internet Files\OLK133\005-001.doc <br /> <br />12/312008 <br />Page 3 <br />