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<br />12/15/2008 <br /> <br />both owned by the Mental Health Association of San Mateo County ("MHASMC"), are to <br /> <br />be redeveloped by MHASMC; and <br />WHEREAS, in 2006, the City of Redwood City (the "City") entered into an <br /> <br />Agreement with the Mental Health Association of San Mateo County for Funding to <br /> <br />Acquire Land at 104 & 112 Cedar Street, dated April 26, 2006 (the "Funding <br /> <br />Agreement"), wherein the City funded the acquisition of the Cedar Street property by <br /> <br />contributing Community Development Block Grant and HOME Investment Partnership <br /> <br />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, 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 />WHEREAS, the Agency is prepared to provide the aforementioned cash <br /> <br />assistance to the Project from Redevelopment Housing Set-Aside funds. <br /> <br />A TTY IRESO/RESO.1878 <br />121008 <br /> <br />2 <br /> <br />RD 08-09 <br />MUFF #405 <br />