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07/13/2009 <br />2009 <br />ORIGINAL <br />RESOLUTION N. 14950 <br />A RESOLUTION AUTHORIZING THE CITY MANAGER EXECUTE <br />PURCHASE AGREEMENT FOR THE REALPROPERTYLOCATED A <br />306 MAIN S TREET REDWOOD CITY CALIFORNIA AND TO <br />EXECUTE ALL DOCUMENTS PERTAINING THERETO <br />WHEREAS, on April 27, 2009 Council approved recommendations fr r the <br />Housing and Human Concerns Committee to .11 c t funding for acquisition of an <br />existing multifamily building that could be converted to affordable housing; and <br />WHEREAS, the real property located at 1306 Main Street, Redwood City <br />(hereinafter, the 44 ro " ) i multi family building having a total of 9.3 units, <br />comprised of a one bedroom unit and 22 studio units; and <br />WHEREAS the owner of the property, the Davey Group, Limited Partnership, <br />California limited partnership, desires to sell the property to Redwood City at Fair <br />Market Value; and <br />WHEREAS approximately five units will be used in the future to house formerly <br />chronic homeless persons who will receive ongoing case management and supportive <br />services according to their reeds u nder the using First best practices model; and <br />WHEREAS current tenants will not be displaced, as the five designated units will <br />be made available as vacancies occur; and <br />WHEREAS, individuals, and small families, including seniors, will be able to <br />occupy the units for a 55 year affordability term; and <br />WHEREAS a fair market appraisal was conducted which determined the fair <br />market value to be $2,410,000.00, and <br />WHEREAS this acquisition is to be primarily funded from Community <br />Development I ok Grants C G and HOME funds; and <br />WHEREAS a Purchase Agreement be tween the Davey Group, Limited <br />Partnership, a California limited partnership (hereinafter the "S l e' ) and the City of <br />ATTY/RES0/RESO.1927 1 4950 <br />0708/09 MUFF ## 304 <br />