Reso 16432 - Laserfiche WebLink

Browse Search

ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) REV: 07-21-26 MI Page 10 of 11 Section 4. Conforming Amendments. With the approval of the Substitute Site, the City Council directs the City Manager to amend as appropriate any references, recitals, legal descriptions and exhibits referring to or describing the “Affordable Housing Site” and “Affordable Housing Project” in the 1900 Broadway DA to be replaced with descriptions of the Substitute Site and the associated affordable housing development and to treat any such amendments as a Minor Amendment under Section 8.2 of the 1900 Broadway DA. The City Council further directs the City Manager to execute any conforming amendments to the Affordable Housing Land Donation Agreement and Partial Assignment and Assumption Agreement, attached as Exhibits F and G to the 1900 Broadway DA, including any amendments to exhibits, as may be necessary to reflect the substitution, provided that such amendments and amended agreements include the same terms and obligations as asserted in the original agreements previously approved by the City Council, and shall be subject to approval by the City Attorney as to form. (a) Related Affordable Housing Agreements. Once the conforming amendments have been executed as directed above, the Substitute Site Affordable Housing Project shall comply with and implement all terms of (a) the Amended Affordable Housing Land Donation Agreement, and (b) the Amended Partial Assignment and Assumption of the Development Agreement. (b) Restrictive Covenants Agreement. Prior to approval of the Parcel Map, or issuance of any building permit for the 1900 Broadway Project, whichever occurs first, the Restrictive Covenants Agreement, attached as Exhibit G to the Amended Affordable Housing Land Donation Agreement, shall be executed and recorded against the Substitute Site for a period of 55 years from the issuance of certificate of occupancy, restricting the rental of seventy-five (75) units (comprised of forty-two (42) studio units and thirty- three (33) one-bedroom units), with the following: (1) twelve (12) units shall be rented to extremely low-income households; (2) twenty-three (23) units shall be rented to very low-income households; and, (3) forty (40) units shall be rented to low income households at an Affordable Rent, as defined in Section 29.2 of the City of Redwood City Zoning Code. The Restrictive Covenants Agreement shall also specify that at least 20 percent of the Affordable Units (or fifteen (15) units) shall be set an affordable rent, as defined in Section 50053 of the Health and Safety Code, and the rent for the remaining 80 percent of the Affordable Units may be set an amount consistent with the maximum rent levels for lower income households, as those rents and incomes are determined by the California Tax Credit Allocation Committee (TCAC), as allowed under Government Code Section 65915(c)(1)(B)(ii). Additionally, the Restrictive Covenant Agreement shall also identify which units are subject to Health and Safety Code rent definitions, and which units are subject to TCAC rent definitions. The Affordable Housing Restrictive Covenant Agreement shall specify the number, type, location, size, and phasing of all affordable units,