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<br />ATTACHMENT 2 <br /> <br />6.3A <br />Page 9 <br /> <br />WHEREAS, The County's Housing Committee recommended that the City's <br /> <br />project be funded at $325,000, thereby creating a funding gap; and <br /> <br /> <br />WHEREAS, it is recommended that some Redevelopment Housing funds be <br /> <br />used; and <br /> <br />WHEREAS, to repay COBG & HOME funds previously allocated to Bradford <br /> <br />Street acquisition which has not proceeded within the Consolidated Plan period <br /> <br />($526,979) plus; and <br /> <br />WHEREAS, $172,339.40 is needed as gap financing to make up the difference <br /> <br />between available federal funds and the actual fair market value and purchase price of <br /> <br />the property; and <br />WHEREAS, the total RDA appropriation required is $172,339.40. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY <br />OF THE CITY OF REDWOOD CITY AND THE COUNCIL OF THE CITY OF <br /> <br />REDWOOD CITY AS FOLLOWS: <br /> <br />1. The following stated amounts, as set forth in full in Attachment' "3" which <br />are attached hereto and made a part hereof, are hereby appropriated and <br />transferred for specific purposes to conform the housing first budgeted <br />amounts. <br /> <br />2. The total cost of this transaction is $2,410,000. Approximately <br />$1,301,219.00 will come from HOME funds: $611,442 will come from <br />CDSG funds, $325,000 will come from County HOME funds, and the RDA <br />will appropriate $172,339.40 from the Redevelopment Housing Fund. <br /> <br />* * * <br /> <br />AttyfReso/Reso.1926 <br />070809 <br /> <br />2 <br />