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DES:djk 08/31/92 (108/32) <br /> ORIGINAL 9/21/92 <br /> R E S O L U T I O N NO. 11850 <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br /> FINANCIAL ASSISTANCE AGREEMENT WITH HUMAN INVESTMENT <br /> PROJECT, INC. FOR CONSTRUCTION OF SHARED-HOUSING <br /> RESIDENCE <br /> (CEDAR/HILTON PROJECT - CDBG) <br /> WHEREAS , Human Investment Project, Inc. ("HIP" ) proposes to <br /> construct a residential development on property leased by the City <br /> of Redwood City to HIP (the "Cedar/Hilton Project") in <br /> furtherance of HIP' s shared-housing program for low income <br /> residents of the City of Redwood City (the "Program") ; and <br /> WHEREAS, HIP has requested financial assistance for <br /> construction of the Cedar/Hilton Project during the fiscal year <br /> commencing July 1 , 1992 , and ending June 30 , 1993 ; and <br /> WHEREAS, the City of Redwood City has reviewed said request <br /> and desires to allocate to HIP the sum of Seventy Thousand and <br /> No/100 Dollars ($70 ,000 . 00) from its Community Development Block <br /> Grant funds for the Program; and <br /> WHEREAS, an agreement providing for such funding has been <br /> presented to, and reviewed by, this Council; and <br /> WHEREAS, it is the intention and desire of this Council to <br /> approve said agreement and authorize its execution; <br /> NOW, THEREFORE; <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> AS FOLLOWS : <br /> That certain agreement entitled, "Agreement - Cedar/Hilton <br /> Project - (CDBG) " , (form dated 08/31/92) , by and between the City <br />