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� <br /> � 6.2A ! <br /> Page 51 <br /> 09/13/2U10 <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; I <br /> NOW, THEREFORE� THE CITY COUNCIL OF THE CITY OF REDWOOD CITY ', <br /> HEREBY RESOLVES AS FOLLOWS: ! <br /> , <br /> Section 1. The recitals above are hereby incorporated into this Resolution. I <br /> I <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 Govemment 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 /> t <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 I, <br /> � <br /> � <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 Governmenf 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 /> I ATTY/RESO/RES0.2050 2 #15051 <br /> � <br /> 090810 MUFF # 609 <br /> � <br /> � <br /> i <br /> l_ _------- ------ ---------_.. . <br /> � � <br />