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Page 3 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Staff is recommending that the City Council authorize the City Manager to sign the estoppel certificate at the <br />close of the construction financing for the development subject to staff review and approval of the CalHFA <br />loan documents and staff’s determination that the certifications in the estoppel certificate are accurate. Staff <br />is also recommending that the City Council approve the CalHFA Standstill Agreement and authorize the City <br />Manager to sign the CalHFA Standstill Agreement when the construction financing for the development <br />converts to permanent financing. <br />FISCAL IMPACT <br />There is no fiscal impact to the City as a result of this action. <br />ENVIRONMENTAL REVIEW <br />In accordance with Code of California Regulations (CCR) Title 14 § 15268, Ministerial Approvals are exempt <br />from the requirements of California Environmental Quality Act (CEQA). This project is subject to SB 35 / <br />SB 423, which is a ministerial review and not subject to CEQA. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The City Council may choose not to approve the CalHFA Standstill Agreement. <br />ATTACHMENTS <br />Attachment A – CalHFA Standstill Agreement <br />6.K. - Page 3 of 15 <br />85