AgdaPkt 2009-07-13 clsd and jnt - Laserfiche WebLink

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. !;t!)::E:. ...... . 6.~:.~i,...~:.":: (;-::.;~(;";:.";;:i!~.'/;;\At~.;.i.::;>.~+)::)JJ~"}Y/;:;~;;jj~:~m>f:~.:.:.,:.;,.;.:.g.:.::.:,,:..,....;.:.'./;.. ..,.\i:::::.::i;:... ..::.: :.,:. u: ..:,: >.::.':;:..:. u. .:... ...::: .. .,; .., ...'. . ::.1' ...'r7>Un?I?/ . .:.:'.uu.'. ::>>~:::::..u:" . 6.3A age 1 July 13, 2009 SUBJECT Acquisition of 1306 Main Street RECOMMENDATION 1. Approve by resolution the Purchase Agreement for 1306 Main Street and authorize City Manager/Executive Director to execute all pertinent documents pertaining to the acquisition . 2. Approve by resolution the appropriation of Redevelopment (RDA) Housing funds for the acquisition BACKGROUND In 2005, the Council adopted a Consolidated Plan for 2005-2010 that established a strategy for expending federal funds over the five year life of the Plan to meet the needs of low income and special needs populations. The Plan targeted federal resources to meet the various needs identified in the Plan with 50%) of the City's annual Community Development Block Grant (CDBG) and 90% of its annual HOME Investment Partnership (HOME) entitlement funds to produce additional affordable housing units. The Five Year Strategy focused on three primary areas that impact quality of life for Redwood City residents: . Housing . Services . Facilities and jobs Priority Strategy #1 involved expansion and preservation of affordable housing. Seven programs were identified that would be used to implement this strategy. Program #4 is acquisition of existing housing for special needs housing where supportive services are provided. The City's Consolidated Plan, required by the U.S. Department of Housing and Urban Development, and the Cityts Housing Element and the Five Year Implementation Plan of the Redevelopment Agency, required by the California State Department of Housing and Community Development, all have similar goals and policies for expanding the supply of affordable housing. Redwood City receives federal and state funding to be used to acquire, preserve, and expand affordable housing for low and moderate income households. The Five Year Strategy set goals to expand affordable housing by acquiring 15 units, 5 of which would be available for special needs households, and converting them to affordable housing. The 2009-2010 program year is the Fifth and final year of the Plan to carry out these objectives. For this reason, staff constantly pursues affordable housing activities that can be carried out by non-profit organizations or by the City as a means to add to its affordable housing inventory. To date, several properties have been acquired under this goal and