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RESOLUTION NO. 15982 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE PURCHASE AGREEMENT FOR THE BELOW MARKET RATE UNIT LOCATED AT 1231 WARREN STREET, UNIT 105, AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS TO EFFECTUATE THE ACQUISITION WHEREAS, on January 23, 2012, the City Council adopted Resolution No. 15164 electing to have the City of Redwood City ("City") become the Housing Successor to the Redwood City Redevelopment Agency ("Agency"); and WHEREAS, as the successor of the Agency, the City retains the housing assets and functions previously performed by the Agency; and WHEREAS, Rhonda Coffman is the owner ("Owner") of the property located at 1231 Warren Street, Unit 105 ("Property"), which is part of the Wyndham Place Project, a previous redevelopment project that was constructed in the 1990s and included fifteen Below Market Rate (BMR) condominium units; and WHEREAS, the Property is subject to a Resale Restriction Agreement and Option to Repurchase ("Resale Restriction Agreement") that restricts the resale price of the Property, affords the City the option to purchase the Property and obligates the owner to, among other things, provide notice of an intent to transfer the Property; and WHEREAS, on July 19, 2021, the City received a Notice of Intent to Transfer from the Owner of the Property; and WHEREAS, per the Resale Restriction Agreement, the City may (1) exercise its option to purchase the Property, (2) notify a prospective eligible buyer and assign its right to purchase the Property to the eligible buyer, or (3) decline the option to purchase and allow the Owner to sell directly to an eligible buyer; and WHEREAS, the Owner cannot sell the Property above the restricted resale price, which is estimated to be $371,780. The restricted resale price may be increased based on the value of capital improvements that were pre -approved by the City and/or decreased based on any repairs needed to put the Property into a sellable condition; and WHEREAS, the City Council desires to exercise the City's option to purchase the Property pursuant to the terms and conditions set forth in the Purchase Agreement attached as Exhibit A. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITYAS FOLLOWS: 1. The foregoing recitals are true and correct, and are hereby incorporated herein by this reference as if fully set forth in their entirety. ATTY/RESO.0070/CC RESO APPROVING THE PURCHASE & SALE AGREEMENT OF BELOW MARKET UNIT 1231 WARREN ST. UNIT 105 REV: 09-09-2021 SK RESO NO. 15982 MUFF # 304 Page 1 of 3