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6.3A Page 6 ATTACHMENT 1 RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AGREEMENT FOR THE REAL PROPERTY LOCATED AT 1306 MAIN STREET REDWOOD CITY CALIFORNIA AND TO EXECUTE ALL DOCUMENTS PERTAINING THERETO WHEREAS, on April 27, 2009 Council approved recommendations from the Housing and Human Concerns Committee to allocate funding for acquisition of an existing multi family building that could be converted to affordable housing; and WHEREAS, the real property located at 1306 Main Street, Redwood City (hereinafter, the "Property") is a multi family building having a total of 23 units, comprised of a one bedroom unit and 22 studio units; and WHEREAS the owner of the property, the Davey Group, Limited Partnership, a California limited partnership, desires to sell the property to Redwood City at Fair Market Value; and WHEREAS approximately five units will be used in the future to house formerly chronic homeless persons who will receive ongoing case management and supportive services according to their needs under the Housing First best practices model; and WHEREAS current tenants will not be displaced, as the five designated units will be made available as vacancies occur; and WHEREAS, individuals, and small families, including seniors, will be able to occupy the units for a 55 year affordability term; and WHEREAS a fair market appraisal was conducted which determined the fair market value to be $2,410,000.00, and WHEREAS this acquisition is to be primarily funded from Community Development Block Grants (CDBG) and HOME funds; and WHEREAS a Purchase Agreement between the Davey Group, Limited Partnership, a Califomia limited partnership (hereinafter the "Seller") and the City of Redwood City has been prepared, executed by the Seller, and submitted to the City Council of the City of Redwood City; and A TTY IRESO/RESO.1927 0708109