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<br />l.'ß- (L- <br /> <br />ll. <br /> <br />SUMMARY OF THE PROPOSED AGREEMENT <br /> <br />A. <br /> <br />Description of the Property and the Proposed Project <br /> <br />Property <br /> <br />The entire development site is approximately one acre in size and is located at the comer ofEI <br />Camino Real and Vera Way in the downtown area of Redwood City. The site is currently owned <br />by the City of Redwood City. The development proposed for the site consists of two components: <br />the 8 ownership townhome units to be developed by Peninsula Habitat for Humanity and the 58 <br />rental units to be developed by First Community Housing. The parcel will be subdivided so that <br />each entity will have clear title to its land. The Peninsula Habitat for Humanity's portion of the 1- <br />acre site is 15,000 sq.ft., or approximately .34 acre. <br /> <br />Subject to the terms of the Agreement, the Agency will (1) convey the property to the Developer at <br />no cost (the "Land Grant", which is deemed to have the value of$807,500), (2) provide monetary <br />assistance of$321,000 (the "Development Grant"), and (3) a water facility fee subsidy grant ("Fee <br />Subsidy") to not exceed $74,000. <br /> <br />Developer <br /> <br />The Developer is Peninsula Habitat for Humanity or its designated affiliate. <br /> <br />Project Description <br /> <br />The Project subject to this Agreement is known as the Vera Street Habitat Project and will <br />consist of eight (8) for-sale row town home units, with attached 2-car garages. As summarized <br />below, the townhomes include one (1) 2-bedroom unit and seven (7) 3-bedroom units, restricted <br />to very-low income households, as follows: <br /> <br /> Affordability Level No. of Units Approximate Size <br />2 Bedroomll Bath Wheelchair 50% of AMI 1 <br />Accessible Unit <br />3 Bedroomll-12 Bath Units 50% of AMI 7 <br />Average 1,500 SF <br /> <br />A 45-year affordability covenant will be recorded against each unit, restricting its resale to <br />qualified very-low income buyers as stipulated in the covenant. <br /> <br />18610.001\028-Q05.doc.2/11/2005 <br /> <br />Keyser Marston Associates. Inc. <br />Page 4 <br />