Laserfiche WebLink
<br />ATTACHMENT 2 <br /> <br />6.3A <br />Page 8 <br /> <br />RESOLUTION NO. <br /> <br />APPROVE BY RESOLUTION THE APPROPRIATION OF <br />REDEVELOPMENT HOUSING FUNDS FOR THE ACQUISITION <br /> <br />WHEREAS, Redwood City receives federal funding to be used to acquire, <br /> <br />preserve, and expand affordable housing for low and moderate income households and <br /> <br />special needs populations; and <br /> <br />WHEREAS, On April 27, 2009, Council approved recommendations from the <br /> <br />Housing and Human Concerns Committee to allocate funding for acquisition of an <br /> <br />existing multifamily building that could be converted to affordable housing; and <br /> <br />WHEREAS the real property located at 1306 Main Street Redwood City <br /> <br />California (hereinafter the "Property") is a multi family building having a total of 23 units, <br /> <br />comprised of a one bedroom unit and 22 studio units; and <br /> <br />WHEREAS the owner of the real property, the Davey Group, Limited <br /> <br />Partnership, a California limited partnership desires to sell the property to Redwood City <br /> <br />at fair market value; and <br /> <br />WHEREAS, the acquisition of this property is to be primarily funded from <br /> <br />Community Development Block Grants (CDBG) and HOME funds; and <br /> <br />WHEREAS, the city must commit its HOME funding within 24 months of <br /> <br />receiving these funds; and <br /> <br />WHEREAS, the acquisition of the property will allow the City to meet its CDSG <br /> <br />timely expenditure and HOME commitment requirements and remove the threat of <br /> <br />losing approximately $400,000 as of July 31,2009; and <br /> <br />WHEREAS, the city applied to the San Mateo County Office of Housing for <br /> <br />$500,000 towards the acquisition price for this project; and <br />Atty/Reso/Reso.1926 <br />070809 <br /> <br />1 <br />