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EXHIBIT B City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org ATTY/RESO.0022/CC RESO APPROVING CONDITIONAL FUNDING COMMITMENTS FOR RISE CITY APARTMENTS AND 1580 MAPLE STREET – EXHIBIT B REV: 05-05-26 LF Page 2 of 2 1199\06\4215889.1 • Completion of any National Environmental Protection Act (NEPA) and/or California Environmental Quality Act (CEQA) project reviews, as may be required. • The City’s receipt of the Housing Impact Fee payment from the Elco Yards project. Funding for the permanent loan will not be available until the above conditions have been met and the loan agreement and all associated documents (Permanent Loan Documents) between MP 1580 Maple Street Associated, L.P and the City are executed. The City may consider withdrawing this conditional commitment if these conditions are not met within eighteen (18) months of the date of this letter. After execution of the Permanent Loan Documents, the following timing requirements shall apply: • Construction must commence within ninety (90) days of the date of execution of the Permanent Loan Documents. • The Project must be completed within four (4) years of the date of execution of the Permanent Loan Documents. The terms of the permanent loan are as follows: • Interest Rate: 3% (simple) • Term of Loan: 57 years from date of Certificate of Occupancy • Regulatory Term: 55 years from date of Certificate of Occupancy for units funded with City Housing Impact Fee. • Repayment: Annual payments based on a 3% simple paid from the pro-rata share of the City’s share of residual receipts, based upon the principal balance of all residual receipt loans. It is the applicant’s responsibility to keep City staff apprised of all schedules and milestones for the project. Failure to keep City staff apprised could mean the loss of funds. The commitment of City affordable housing impact fees is consistent with the purposes of the use of these funds and constitutes an encumbrance of said funds as of the date of this Conditional Commitment Letter. All loan documents will be subject to meeting all applicable City, state, and federal regulatory requirements, as applicable, and acceptance of due diligence documentation. If you have any questions, please reach out to Housing Leadership Manager, Alin Lancaster, at alancaster@redwoodcity.org, and Housing Management Analyst, Leigh Macalino, at lmacalino@redwoodcity.org. Sincerely, Patrick Heisinger City Manager