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<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org
<br />ATTY/RESO.0022/CC RESO APPROVING CONDITIONAL FUNDING COMMITMENTS FOR RISE CITY APARTMENTS AND 1580 MAPLE STREET - EXHIBIT A
<br />REV: 05-05-26 LF
<br />Page 1 of 3
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<br />EXHIBIT A
<br />1199\06\4215889.1
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<br />
<br />
<br />May 11, 2026
<br />
<br />Candice Gonzalez
<br />Chief Housing Officer
<br />Sand Hill Property Company
<br />2600 El Camino Real
<br />Palo Alto, CA 94306
<br />
<br />Re: Conditional Funding Commitment for Rise City Apartments at 1304 Middlefield Rd.
<br />
<br />Dear Ms. Gonzalez,
<br />
<br />This letter supersedes the February 12, 2024 City Conditional Funding Commitment letter, and serves to
<br />inform you that on May 11, 2026, the City Council of the City of Redwood City conditionally approved the
<br />commitment of funds in the total amount of $12,326,460. The funds will be provided in the form of a
<br />permanent loan(s), for the construction of the Rise City Apartments at 1304 Middlefield Road (Project).
<br />
<br />As part of the City Council action on May 11, 2026, the City is also changing the funding source for the
<br />$1,864,324 committed on February 12, 2024 from the City Affordable Housing Funds to Former
<br />Redevelopment Agency (RDA) Low- and Moderate-Income Housing Funds (LMIHF).
<br />
<br />The loan(s) consists of $4,366,460 committed in 2024, including $2,502,136 in HOME Investment Partnerships
<br />Program (HOME) funds and $1,864,324 in RDA LMIHF. Additionally, the commitment includes a new allocation
<br />of $7,960,000, including $4,650,00 in RDA LMIHF and $3,310,000 in City Housing Impact Fees. The Project has
<br />a total of $12,326,460 of City funding committed, as described below. The recipient of the loan(s) is the project
<br />owner, 1304 Middlefield LP.
<br />
<br />Requests for City Funding HOME RDA LMIHF Housing Impact Fee Total
<br />Request #1:
<br />February 12, 2024
<br />$2,502,136 $1,864,324 $0 $4,366,460
<br />Request #2: May 11, 2026 $0 $4,650,000 $3,310,000 $7,960,000
<br />Total $2,502,136 $6,514,324 $3,310,000 $12,326,460
<br />The Project is located at 1304 Middlefield Road in Redwood City and consists of 94 total units: 24
<br />extremely low- income units; 17 very low-income units; 52 low-income units; and 1 unrestricted
<br />manager's units.
<br />
<br />Office of the City Manager
<br />Patrick Heisinger
<br />EXHIBIT A
<br />
<br />1017 Middlefield Road
<br />Redwood City, CA
<br />94063
<br />(650) 780-7301
<br />Fax (650) 780-7225
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