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RESOLUTION NO. 15983 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROPRIATING $389,180 FROM THE CITY OF REDWOOD <br />CITY'S LOW AND MODERATE INCOME HOUSING ASSET FUND FOR <br />THE ACQUISITION OF THE BELOW MARKET RATE (BMR) UNIT <br />LOCATED AT 1231 WARREN STREET, UNIT 105 <br />WHEREAS, Rhonda Coffman is the owner ("Owner") of the property located at <br />1231 Warren Street, Unit 105, Redwood City ("Property"), which is part of the Wyndham <br />Place Project, a previously redevelopment project that was constructed in the 1990s and <br />included fifteen Below Market Rate (BMR) condominium units; and <br />WHEREAS, the City of Redwood City (the "City") received a Notice of Intent to <br />Transfer from the Owner on July 19, 2021 for her BMR unit; and <br />WHEREAS, the City Council desires to exercise its option to purchase the <br />Property in the amount of $371,780. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br />1. The foregoing recitals are true and correct, and are hereby incorporated <br />herein by this reference as if fully set forth in their entirety. <br />2. The City Council determines based on evidence in record that the estimated <br />restricted resale price of the Property is $371,780 and the value of the capital <br />improvements is $3,000 for a total purchase price of $374,780. <br />3. CEQA. This activity is not a project under California Environmental Quality <br />Act (CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential <br />for resulting in either a direct or reasonably foreseeable indirect physical change in the <br />environment. This activity is also exempt under section 15061(b)(3) because it has no <br />potential for causing a significant effect on the environment. <br />4. The City Council hereby appropriates $389,180 from Low and Moderate <br />Income Housing Asset Fund for the acquisition of the BMR unit and payment of all <br />associated costs. <br />5. This resolution shall take effect immediately upon its adoption. <br />ATTY/RESO.0071/CC RESO APPROPRIATING FUNDS —1231 WARREN ST. RESO. NO. 15983 <br />REV: 09-09-2021 SK MUFF # 501 <br />Page 1 of 1 <br />