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ATTY/RESO.0022/CC RESO APPROVING CONDITIONAL FUNDING COMMITMENTS FOR RISE CITY APARTMENTS AND 1580 MAPLE STREET REV: 05-05-26 LF Page 2 of 3 change was approved by City Council as part of the Fiscal Year (FY) 25-26 mid-year budget amendments by Resolution No. 16392; and WHEREAS, the Rise City Apartments and 1580 Maple Street Project are both being recommended for funding pursuant to the evaluation criteria provided in the NOFA; and WHEREAS, the Rise City Apartments would be receiving funding from HOME funds, RDA LMIHF and Housing Impact Fees for a total amount of $12,326,460 (including $4,366,460 previously committed) and the 1580 Maple Street Project would be receiving funding from Housing Impact Fees for a total amount of $5,000,000; and WHEREAS, the City Council wishes to fund projects in the best position to move forward to construction and occupancy; and WHEREAS, the City Council wishes to increase the per unit subsidy limit from $200,000 to $300,0000 for the RDA LMIHF and Housing Impact Fees which exceeds the limits in the NOFA guidelines; and WHEREAS, HOME funds awarded to Rise City Apartments would follow the HOME maximum per-unit subsidy limits as published by the U.S. Department of Housing and Urban Development. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY, AS FOLLOWS: 1. Resolution No. 16204 is hereby rescinded in its entirely upon the operative date hereof. 2. The City Council hereby approves an increase of the per unit subsidy limit to $300,000 f for funding provided from the RDA LMIHF and Housing Impact Fees. 3. The City Council hereby conditionally awards a total of $12,326,460, in the form of permanent loan(s) in the amount of $2,502,136 in HOME funds, $6,514,324 in RDA LMIHF and $3,310,000 in Housing Impact Fees, to 1304 Middlefield L.P., an affiliate of the Sand Hill Property Company, for the Rise City Apartments, as set forth in the Conditional Funding Commitment Letter in Exhibit A. 4. The City Council hereby conditionally awards a total of $5,000,000, in the form of two loans. A predevelopment loan in the amount of $500,000 in Housing Impact Fees and a permanent loan in the amount of $4,500,000 in Housing Impact Fee, to MP 1580 Maple Street Associates, L.P., an affiliate of MidPen Housing Corporation, for the 1580 Maple Street Project, as set forth in the Conditional Funding Commitment Letter in Exhibit B.