Agenda 2003-12-15 - Laserfiche WebLink

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B, San Mateo County's Draft 2003 Congestion Management Program Staff contact: Richard Haygood, Traffic Engineer 780-7362 rhay,qood~.redwoodcity.or,q Recommendation: Review and comment on C/CAG's Draft 2003 Congestion Management Program C. Hallmark Apartments Acquisition/Rehabilitation Project - CITY COUNCIL AND REDEVELOPMENT AGENCY Staff contact: Debbi Jones-Thomas, Housing Coordinator 780-7290 debbi~,redwoodcity.or.q Recommendation: 1. That the Redevelopment Agency Board and City Council Approve the attached resolutions "Authorizing the Expenditure of Housing Setaside Funds for the Hallmark Apartments Project Located Outside the Redevelopment Plan Area" RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY AUTHORIZING THE EXPENDITURE OF HOUSING SET-ASIDE FUNDS FOR THE HALLMARK APARTMENTS PROJECT LOCATED OUTSIDE OF THE REDEVELOPMENT PLAN AREA RESOLUTION OF THE CITY OF REDWOOD CITY AUTHORIZING THE EXPENDITURE OF HOUSING SET-ASIDE FUNDS FOR THE HALLMARK APARTMENTS PROJECT LOCATED OUTSIDE OF THE REDEVELOPMENT PLAN AREA 2. That the Redevelopment Agency Board and City Council authorize City Manager and Redevelopment Manager to execute an Owner Participation Agreement (OPA) with KDF Communities in substantially the form attached, allocating $500,000.00 of 2002-2003 and 2003-2004 HOME funds and $150,000.00 in Redevelopment Housing funds to Hallmark Apartments for the acquisition of 72 units to be made affordable to Iow and very Iow income persons 3. That the Redevelopment Agency Board and City Council authorize City Manager and Redevelopment Manager to execute a subordination agreement presented by Fannie Mae as a participating lender in this acquisition. ******ADJOURN THE REDEVELOPMENT AGENCY MEETING***** SPECIAL JOINT CITY COUNCIL AND DECEMBER 15, 2003 REDEVELOPMENT AGENCY MEETING AGENDA PAGE 4