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09/13/2010 <br />WHEREAS, the U.S. Department of Housing and Urban Development has <br />determined that if the City does not sell the Property, the City may be required to repay <br />certain of the CDBG funds expended on the Property; <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />HEREBY RESOLVES AS FOLLOWS: <br />Section 1. The recitals above are hereby incorporated into this Resolution. <br />Section 2. The City Council hereby finds that it would be in the City's best interests to <br />have the Property, located at 3272 Rolison Road, be used for housing that is affordable <br />to persons and families of low or moderate income. Pursuant to Government Code <br />section 37364, the provisions of Section 3 1/2 therefore do not apply to the conditions of <br />the sale of the Property. <br />Section 3. The City Council hereby authorizes staff to initiate negotiations with the <br />San Mateo County Service League for the sale of the Property. The terms of such <br />purchase and sale agreement shall include, but are not limited to, a minimum sales <br />price of One Hundred Seventy Thousand Dollars ($170,000), which is below fair market <br />value; and the recordation of a 55 -year affordable housing covenant consistent with the <br />requirements of subsection (c) of Government Code section 37364. The final form of <br />the purchase and sale agreement, including all attachments thereto, shall be presented <br />to the City Council for its consideration and approval. <br />Section 4. This resolution shall be effective upon its adoption. <br />ATTY /RESO /RESO.2050 2 #15051 <br />090810 MUFF # 609 <br />