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DES: dft J1/05/92R (028/31) <br /> /14/92R <br /> O R I G I N A L 11/2/92 <br /> R E S O L U T I O N NO. 11880 <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br /> AMENDED LEASE AGREEMENT WITH HUMAN INVESTMENT PROJECT, <br /> INC. , ("HIP") RELATING TO CITY-OWNED PROPERTY LOCATED <br /> ADJACENT TO THE INTERSECTION OF CEDAR STREET AND HILTON <br /> STREETS <br /> WHEREAS , pursuant to Resolution No. 11495 , adopted by this <br /> Council on March 25 , 1991 , the City of Redwood City and Human <br /> Investment Project , Inc. , ("HIP") entered into that certain lease <br /> agreement dated September 16 , 1991 (the "Lease Agreement") <br /> pursuant to which HIP leased certain City-owned real property <br /> located adjacent to the intersection of Cedar Street and Hilton <br /> Streets in the City of Redwood City for the construction, <br /> operation and maintenance of a home providing affordable shared <br /> living for low and very low income persons ; and <br /> WHEREAS , HIP has applied to , and received tentative approval <br /> from, the California Department of Housing and Community <br /> Development ("HCD") , for a loan to construct the foresaid <br /> improvements upon the leased premises ; and <br /> WHEREAS , as a condition of the issuance of the loan, HIP <br /> shall be required to enter into an agreement with HCD which would <br /> impose restrictions upon the rent and occupancy of HIP' s proposed <br /> project (the "HCD Regulatory Agreement") in a manner generally <br /> consistent with the existing terms and conditions of the Lease <br /> Agreement ; and <br /> WHEREAS , the HCD Regulatory Agreement requires that certain <br /> revisions be made to the Lease Agreement in order to conform to <br /> certain provisions of the HCD Regulatory Agreement; and <br />