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EXHIBIT B <br /> <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 B <br />REV: 05-05-26 LF <br />Page 1 of 2 <br /> <br /> <br />1199\06\4215889.1 <br /> <br />May 11, 2026 <br /> <br />Mollie Naber <br />Director of Housing Development <br />MidPen Housing Corporation <br />303 Vintage Park Drive Suite 250 <br />Foster City, CA 94404 <br /> <br />Re: Conditional Funding Commitment for the Affordable Housing Project at 1580 Maple Street <br /> <br />Dear Ms. Naber, <br /> <br />This letter is to inform you that on May 11, 2026, the City Council of the City of Redwood City conditionally <br />approved the commitment of funds in the amount of $5,000,00 in the form of two loans for construction of the <br />affordable units at 1580 Maple Street (Project). The loans consist of $500,000 in City Housing Impact Fee funds <br />for a predevelopment loan and $4,500,000 in City Housing Impact Fee for a permanent loan, respectively. The <br />recipient of the Loan is the project owner, MP 1580 Maple Street Associated, L.P. <br /> <br />Housing Impact Fee <br />(Predevelopment) <br />Housing Impact <br />Fee (Permanent) Total <br />$500,000 $4,500,000 $5,000,000 <br /> <br /> <br />The Project is located at 1580 Maple Street Redwood City and consists of approximately 79 total units: 56 <br />extremely low- income units; 21 very low-income units; and 2 unrestricted manager's units. <br /> <br />The predevelopment loan is subject to the conditions and terms listed in Attachment A. Funding for the <br />predevelopment loan will not be available until the conditions in Attachment A have been met and the loan <br />agreement and all associated documents (Pre-development Loan Documents) between MP 1580 Maple Street <br />Associated, L.P and the City have been executed. <br /> <br />After execution of the Pre-development Loan Documents, the following timing requirements shall apply: <br />• Construction must commence within thirty-six (36) months of the date of execution of the Pre- <br />development Loan Documents. <br /> <br />The permanent loan shall be awarded to the Project subject to the following conditions: <br />• Commitment of sufficient additional public (County, state, and federal) funds to proceed with the <br />construction of the Project. <br />• Approval of project entitlements <br />Office of the City Manager <br />Patrick Heisinger <br />EXHIBIT B <br /> <br />1017 Middlefield Road <br />Redwood City, CA <br />94063 <br />(650) 780-7301 <br />Fax (650) 780-7225