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<br />12/15/2008 <br /> <br />Assessor's Parcel Number 053-188-080), vacant lots in Redevelopment Plan Area A, <br /> <br />both owned by the Mental Health Association of San Mateo County ("MHASMC"), are to <br /> <br />be redeveloped by MHASMC; and <br /> <br />WHEREAS, in 2006, the City entered into an Agreement with the Mental Health <br /> <br />Association of San Mateo County for Funding to Acquire Land at 104 & 112 Cedar <br /> <br />Street, dated April 26, 2006 (the "Funding Agreement"), wherein the City funded the <br /> <br />acquisition of the property by contributing Community Development Block Grant and <br /> <br />HOME Investment Partnership funds towards MHASMC's purchase of the property; and <br /> <br />WHEREAS, the Project entails construction of a 15-unit affordable supportive <br /> <br />housing complex for mentally disabled adults, at least seven units of which are deed <br /> <br />restricted to be affordable to persons or households of Very Low income for not less <br /> <br />than 55 years; and <br /> <br />WHEREAS, the Funding Agreement requires the Agency to enter into a Owner <br /> <br />Participation Agreement (OPA) for development of the Cedar Street Apartments (the <br /> <br />"Project"); and <br /> <br />WHEREAS, as part of the Funding Agreement, the City requires recordation of <br /> <br />Affordability Covenants and Deed Restrictions on the affordable housing to be built on <br /> <br />the site of the Cedar Street Apartments (the "Project") as specified in the OPA; and <br /> <br />WHEREAS, the Project requires assistance from the Agency to provide a <br /> <br />Development Grant and Fee Subsidy to pay for fees, permits and offsite improvements, <br /> <br />in an amount not to exceed $250,000; and <br /> <br />ATTY/RESO/RESO.1879 <br />121008 <br /> <br />2 <br /> <br />14915 <br />MUFF # 405 <br />