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Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: June 9, 2025 <br />SUBJECT <br />Standstill Agreement with 112 Vera Ave, L.P. and California Housing Finance Agency (CalHFA), allowing <br />changes to rent calculations in the event CalHFA operates the property following a foreclosure <br />RECOMMENDATION <br />By motion, approve and authorize the City Manager to execute a Standstill Agreement with 112 Vera Ave, <br />L.P. (the Developer) and CalHFA (CalHFA Standstill Agreement), subject to any minor, clarifying and <br />conforming changes approved by the City Attorney, and execute any other document, as necessary, and <br />take all actions necessary to carry out the CalHFA Standstill Agreement including executing an estoppel <br />certificate. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Housing <br />BACKGROUND <br />The project is the development of a 0.60-acre parcel into a seven-story, 178-unit affordable housing <br />building. The multi-family building also would feature a leasing office, mail room, fitness rooms, <br />community work rooms, and multipurpose amenities spaces. The site provides six off-street parking <br />spaces accessible from the rear alley and 112 bicycle parking spaces on the ground floor. This project is <br />located at 112 Vera Avenue near El Camino Real and will demolish five vacant, partially constructed multi- <br />family buildings that currently exist on the site. The City’s Zoning Administrator approved this project <br />pursuant to Senate Bill (SB) 35 and SB 423 (the State streamlining laws) on April 4, 2025 (File No. DPC2024- <br />002). These laws require ministerial approval of a housing development project if certain conditions are <br />met. <br />6.K. - Page 1 of 15 <br />83