AgdaPkt 2013-01-28 - Laserfiche WebLink

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6.1.E. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er January 28, 2013 SUBJECT Amendment to Purchase Agreement and Grant Deed Restrictions For Affordable Ownership Housing for Habitat for Humanity Greater San Francisco, Inc. Rolison Road Townhomes RECOMMENDATION Approve by motion amendments to the Purchase Agreement and Grant Deed Restrictions For Affordable Ownership Housing for Habitat for Humanity Greater San Francisco, Inc. Rolison Road Townhomes. BACKGROUND On April 24, 2000, the City Council and Redevelopment Agency of the City of Redwood (the "Agency") approved land transfer of seven parcels in the 3400 Block of Rolison Road to Peninsula Habitat for Humanity (Peninsula Habitat) and entered into a Purchase Agreement with Peninsula Habitat on May 12, 2000 (the "Purchase Agreement") in connection with the transfer. The Purchase Agreement included Exhibit A titled, "Agreement with Peninsula Habitat for Humanity to Construct Replacement Housing and Related Capital Improvements," (the "Construction Exhibit") and Exhibit 1 titled, "Agreement with Peninsula Habitat for Humanity in Connection with Land Acquisition Through CDBG and HOME Funds," (the "Funding Exhibit") pursuant to which Peninsula Habitat was required to construct and operate an affordable housing project (the "Project") on the Property in accordance with the affordability restrictions set forth therein. A Grant Deed Restriction was recorded on May 31, 2000 which provided for long term affordability requirements and subsequent sale of units built to eligible first time homebuyers. The Grant Deed included an "Addendum to Grant Deed Restrictions For Affordable Ownership Housing" (the "Grant Deed Addendum") pursuant to which Peninsula Habitat was required to operate the Project in accordance with the affordability restrictions set forth therein. Habitat for Humanity Greater San Francisco (Habitat) was merged into Peninsula Habitat on May 22, 2008 and has all the obligations and rights of Peninsula Habitat, including any rights and obligations of Peninsula Habitat under the Purchase Agreement, Construction Exhibit, Funding Exhibit, Grant Deed, and Grant Deed Addendum.