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<br />(P.A- /6 <br /> <br />II. <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 of El <br />Camino Real and Vera Way in the downtown area of Redwood City. The site is currently owned <br />by the Redwood City Redevelopment Agency. The development proposed for the site consists of <br />two components: the 58 rental units to be developed by First Community Housing and the 8 <br />ownership townhome units to be developed by PeniÏ1sula Habitat for Humanity. The parcel will be <br />subdivided so that each entity will have clear title to its land. The First Community Housing's <br />portion of the I-acre site is 27,300 sq. ft., or approximately .63 acre. <br /> <br />Subject to the tenns ofthe Agreement, the Agency will provide the Project with a "Land Grant" of <br />$1.35 million for acquisition of the site, a "Development Loan" of$2,627,000 and a water facility <br />fee subsidy loan to not exceed $533,000. <br /> <br />Developer <br /> <br />The Developer is First Community Housing or its designated affiliate. <br /> <br />Project Description <br /> <br />The Project subject to this Agreement is known as the Vera Street Project and will consist of <br />fifty-eight (58) apartments in four-stories, with ground floor retail and community space, above <br />one level of podium parking and one level of subterranean parking. As summarized below, the <br />58 units will be restricted to very low- and moderate-income households, as follows: <br /> <br /> Affordability Level No. of Units Approximate Size <br />Efficiency Units 20% of AMI 6 <br />1 Bedroom Units 20% of AMI 5 <br />2 Bedroom Units 20% of AMI 5 <br />3 Bedroom Units 20% of AMI 4 <br />Efficiency Units 40% of AMI 2 <br />3 Bedroom Units 40% of AMI 5 <br />1 Bedroom Units 50% of AMI 3 <br />2 Bedroom Units 50% of AMI 12 <br />3 Bedroom Units 50% of AMI 15 <br />Manager Unit Moderate I <br />Average 870 SF <br /> <br />18610.001\028-D04.doc: 1/20/2005 <br /> <br />Keyser Marston Associates, Inc. <br />Page 4 <br />