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6.2A <br /> ATTAG 2 <br /> RESOLUTION NO. 10- <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br /> MAKING CERTAIN FINDINGS AND APPROVING AND AUTHORIZING THE <br /> EXECUTION OF AN AGREEMENT FOR PURCHASE AND SALE OF REAL <br /> PROPERTY AT 3272 ROLISON ROAD <br /> WHEREAS, the City previously provided Community Development Block Grant funds <br /> to assist with the rehabilitation of certain real property at 3272 Rolison Road (the "Property"), <br /> and subsequently acquired the Property in 1995 with CDBG funds in order to avoid a foreclosure <br /> sale of the Property; and <br /> WHEREAS, during the term of its ownership, the City has maintained the Property as <br /> affordable housing; and <br /> WHEREAS, the U. S. Department of Housing and Urban Development has notified the <br /> City that it must sell the Property or be at risk of repaying the CDBG funds used for the <br /> Property; and <br /> WHEREAS, the San Mateo County Service League ("Service League") desires to <br /> acquire the Property and maintain it for affordable housing; and <br /> WHEREAS, Section 3 1/2 of the Redwood City Charter provides that if the City <br /> proposes to sell real property, certain procedures must be followed, including a public notice, <br /> appraisal of current market value, and sale to the highest responsible bidder; and <br /> WHEREAS, Government Code section 37364 expressly provides that if City Council <br /> determines that the property shall be used for affordable housing purposes, it may sell such <br /> property for less than fair market value and that such findings shall supersede the provisions of a <br /> city charter. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br /> REDWOOD CITY AS FOLLOWS: <br /> SECTION 1. The City Council hereby finds and determines that it is in the City's best <br /> interest that the Property be used to provide housing that is affordable to persons and families of <br /> low or moderate income, as defined by Section 50093 of the Health and Safety Code or as <br /> defined by the United States Department of Housing and Urban Development. <br /> SECTION 2. The proposed Agreement for Purchase and Sale of Real Property <br /> (Including Escrow Instructions) (the "Agreement"), a copy of which is attached hereto as Exhibit <br /> A and incorporated herein by reference, provides that the San Mateo County Service League <br /> shall maintain the Property as affordable housing. The Agreement includes an Affordability <br /> Covenant that will be recorded against the Property which provides that the affordability <br /> provisions shall remain in effect for a term of 55 years and that the units will be affordable at the <br /> to persons and families at the specified income levels. The City Manager is hereby authorized to <br /> execute the Agreement and all docurnents necessary to implement the conveyance of the <br /> 82483.0OOOO15717260.1 <br /> ATTY/RESO/RES0.2060 <br /> t oiz�� � 0 1 <br />