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MINUTE ORDER <br />JOINT CITY COUNCIL / SUCCESSOR AGENCY BOARD <br />PUBLIC FINANCING AUTHORITY MEETING <br />July 13, 2020 <br />MO. 20-104 <br />CITY CLERK DEPARTMENT <br />Redwood City <br />Date: July 15, 2020 <br />Attention: City Attorney <br />City Manager <br />**hard copy available upon request" <br />SUBJECT: Affordable housing loan agreement, regulatory agreement, and <br />subordination request for the development of 125 affordable, rental <br />units at 353 Main Street <br />AGENDA CONSENT ITEM: 6.13. (304) <br />Meeting of the Joint City Council/Successor Agency Board/Public Financing Authority <br />Meeting on July 13, 2020. <br />Present: Council Members Aguirre, Bain, Borgens, Hale, Masur, Reddy and Mayor <br />Howard <br />M/S Hale and Reddy to: <br />1. Approve and authorize the City Manager to execute a $3.5 million Loan Agreement <br />and all related documents, including a Regulatory Agreement and Declaration of <br />Restrictive Covenants, with 353 Main Street Apartments LP; <br />2. Approve and authorize the City Manager to execute a Subordination Agreement with <br />353 Main Street Apartments LP and Citibank, N.A.; <br />3. Authorize the City Manager to make any minor, clarifying and conforming changes to <br />the agreements specified above, as approved by the City Attorney; and <br />4. Authorize the City Manager to take all actions necessary to complete this transaction, <br />including execution of any other necessary documents. <br />Motion passes 7-0 by roll call vote. <br />Pamela Aguilar, CMC <br />City Clerk <br />