AgdaPkt 2005-02-28 - Laserfiche WebLink

Browse Search

B. l,B-13 Agency Responsibilities The Agency's responsibilities under the Agreement by and between the Redwood City Redevelopment Agency and the Developer are as follows: . The Agency will convey the Site to the Developer at no cost (the "Land Grant" of $807,500). A condition precedent for conveyance of the site will be the Developer's ability to secure all funding sources to complete the project to the satisfaction of the Agency. The "Land Grant" has been funded by the following sources: Agency Housing Funds CDBG and HOME Land Grant Funding Sources $366,8001 $440,7001 $807,500 . The Agency will provide the Project with a "Development Grant" of$321,000 to be used to fund a portion of construction costs. It is anticipated that the entire amount of the Development Grant will be funded with CDBG funds. The Development Grant will be disbursed on a to-be-determined schedule only after PHH has obtained commitments for debt, equity funds, and subsidy funds sufficient to fund the project's development costs. IfPHH is unable to secure sufficient funds to complete the Project without additional funding by the Agency, then the DDA will terminate, the property will not transfer to PHH, and PHH will not receive any cash assistance from the City. . The Agency will provide the project with a water facility fee subsidy ("Fee Subsidy") to be used solely to pay water facility fees charged to the project. The fee amount for the project has not yet been determined, however the Fee subsidy shall not exceed $74,000. It is anticipated that CDBG funds will cover $30,000 of the Fee Subsidy and that tax increment will fund $44,000. . The Agency does not currently have sufficient funds in place to fully fund the Development Grant and Fee Subsidy. The Agency will seek approval during the fiscal 2005/06 budget process for additional funding for the project. I Based on Agency housing funds of $966,637, CDBG of$751,082 + HOME funds of$413,057 for land acquisition/demolition costs of$2.16 million for the entire project, prorated by PHH's share of37.4%. Assumed the remaining $10,000 would be funded equally from the Housing Fund and remainder from CDBG/HOME. 18610.001\028-005.doc, 2/1112005 Keyser Marston Associates, Inc. Page 5