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WHEREAS, Peninsula Habitat for Humanity, Inc. has agreed to build six <br />ownership units on the Property for sale to very low income households currently residing <br />within the city limits of Redwood City; and <br /> <br /> WHEREAS, the units will be encumbered with restrictions which will limit the <br />sale of the units to Eligible Households; and <br /> <br /> WHEREAS, an agreement for the funding of the sum of $100,000 for the <br /> <br />acquisition of the Property has been presented to, and reviewed by, this Board. <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE BOARD OF THE REDEVELOPMENT <br />AGENCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. That certain agreement entitled, "Agreement with Peninsula Habitat For <br /> <br />Humanity For Funding to Acquire Land at 422 & 430 Lincoln Avenue" (the "Agreement") <br />by and between the City of Redwood City, the Redevelopment Agency of the City of <br />Redwood City and Peninsula Habitat for Humanity, Inc., a copy of which Agreement is on <br />file in the office of the City Clerk and to which copy reference is hereby made for the full <br />particulars thereof, is hereby approved. <br /> <br /> 2. The Director and the Secretary are hereby authorized and directed to <br /> <br />execute and attest thereto, respectively, the Agreement in a form approved by the Agency <br />Counsel and in substantial compliance with the terms and conditions set forth in the <br />Agreement for and on behalf of the Redevelopment of the City of Redwood City. <br /> <br /> 3. The Director is hereby authorized and directed to execute such other <br /> <br /> documents approved by the Agency Counsel which are deemed necessary and appropriate <br /> to implement the conveyance of property and the funding contemplated by this Agreement <br /> on behalf of the Redevelopment of the City of Redwood City. <br /> <br /> Sh/redwood/council <br /> Reso-570.doc <br /> FXS/fs <br /> 01/19/99 <br /> RD99-17 <br /> <br /> <br />