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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 3 of 3 <br /> <br />EXHIBIT A <br />1199\06\4215889.1 <br />deadlines (2028-2031). The Project must meet all applicable HOME period of performance <br />deadlines. <br /> <br />It is the applicant’s responsibility to keep City staff apprised of all schedules and milestones for the <br />project. Failure to keep City staff apprised could mean the loss of funds. <br /> <br />The terms of the Loans are as follows: <br /> <br />• Interest Rate: 3% (simple) <br />• Term of Loan: 57 years from date of Certificate of Occupancy <br />• Regulatory Term: 20 years from date of Certificate of Occupancy for HOME-assisted units; 55 <br />years from date of Certificate of Occupancy for units funded with RDA LMIHF and housing <br />impact fees. <br />• Repayment: Annual payments based on a 3% simple paid from the pro-rata share of the City’s <br />share of residual receipts, based upon the principal balance of all residual receipt loans <br />The commitment of HOME funds, RDA LMIHF, and housing impact fees is consistent with the purposes of the <br />use of these funds and constitutes an encumbrance of said funds as of the date of this Conditional Commitment <br />Letter. The Loan Documents will be subject to meeting all applicable City, state, and federal regulatory <br />requirements and acceptance of due diligence documentation. <br /> <br />If you have any questions, please reach out to Housing Leadership Manager, Alin Lancaster, at <br />alancaster@redwoodcity.org and Housing Management Analyst, Leigh Macalino, at <br />lmacalino@redwoodcity.org. <br /> <br /> <br />Sincerely, <br /> <br /> <br />Patrick Heisinger <br />City Manager <br />