Agmt23 Renaissance Entrepreneurship Center CDBG FY23-24

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REV: 09-25-23 VR A G R E E M E N T RENAISSANCE ENTREPRENEURSHIP CENTER Creating Economic Opportunity for Low-Income Redwood City, City of San Mateo, and County of San Mateo Women and Men THIS AGREEMENT, made and entered into this day of ________, 20 , by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California (“City”) and RENAISSANCE ENTREPRENEURSHIP CENTER, a California nonprofit organization (“Subrecipient”; collectively the “Parties”). W I T N E S S E T H: WHEREAS, the United States Department of Housing and Urban Development (“HUD”) Community Development Block Grant Program (“CDBG”), authorized pursuant to Title I of the Housing and Community Development Act of 1974 (P.L. 93-383), as amended (the “Act”), provides the City with federal entitlement grant funds to finance a continuum of activities ranging from public services to economic development and the preservation and production of affordable housing; and WHEREAS, Subrecipient provides certain services through programs, including the Project described in Exhibits “A” (“Program & Quantitative Goals”), and “B” (“Program Budget”), attached hereto and made a part hereof; and WHEREAS, Subrecipient has requested financial assistance from CDBG funds in order to conduct the Project described in Exhibit A for residents of the City during the fiscal year commencing July 1, 2023, and ending June 30, 2024 (the “Fiscal Year”). NOW, THEREFORE, the Parties hereby agree as follows: 1. FINANCIAL ASSISTANCE. City will allocate to Subrecipient the sum of Fifty Thousand Dollars ($50,000) (the “Subaward”) for exclusive use by Subrecipient during the fiscal year commencing July 1, 2023, and ending June 30, 2024, solely for the purposes described in Paragraph 3. ATTY/AGR.2023.035/Renaissance Entrepreneurship Center (CDBG Renewal) (Page 1 of 20) 23 October20th