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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM <br />REV: 08-19-24 LF <br />Page 1 of 1 <br />RESOLUTION NO. _____ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AMENDING THE PROGRAM GUIDELINES AND REVISING THE <br />TEMPLATE LOAN DOCUMENTS FOR THE AFFORDABLE HOUSING <br />PRESERVATION PROGRAM <br /> <br />WHEREAS, on June 27, 2022, the City Council adopted the Anti-Displacement <br />Strategy to address the needs of residents at highest risk of displacement in the City of <br />Redwood City; and <br /> <br />WHEREAS, one of the programs under the Anti-Displacement Strategy was <br />creation of an Affordable Housing Preservation Program, an over-the-counter, local fund <br />accessible to developers to help finance preservation of affordable housing in the City <br />(Program); and <br /> <br />WHEREAS, on July 24, 2023, the City Council adopted the Program and the <br />Affordable Housing Preservation Program Guidelines (Guidelines) that assist in <br />administering the Program; and <br /> <br />WHEREAS, amendments to the Guidelines and revisions to the template loan <br />documents are needed to timely facilitate preservation projects under the Program. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />1. The City Council hereby approves the amendments to the Housing <br />Preservation Program Guidelines, attached hereto as Exhibit A, and revisions to the <br />template loan documents, attached hereto as Exhibit B, required to implement the <br />Program. <br /> <br />2. The City Council authorizes the City Manager or their designee to award <br />funding to eligible projects consistent with the Guidelines and execute the revised <br />template loan documents subject to any minor, clarifying and conforming changes <br />approved by the City Attorney and further authorizes the City Manager or their designee <br />to make modifications to the Insurance Requirements as the City’s Risk Manager deems <br />necessary or sufficient to effectuate the Program under the circumstances subject to City <br />Attorney approval, all without returning to the City Council. <br /> <br />3. The Resolution shall be effective immediately upon adoption. <br /> <br /> <br /> <br />* * * <br />6.M. - Page 5 of 110 <br />461