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12/15/2003 ORIGINAL RESOLUTION NO. 14565 RESOLUTION OF THE CITY OF REDWOOD CITY AUTHORIZING THE EXPENDITURE OF HOUSING SET -ASIDE FUNDS FOR THE HALLMARK APARTMENTS PROJECT LOCATED OUTSIDE OF THE REDEVELOPMENT PLAN AREA. WHEREAS, the Redevelopment Agency of the City of Redwood City (the "Agency ") has prepared a Redevelopment Plan (the "Redevelopment Plan ") for the Redevelopment Plan Area (the "Project Area ") which allocates taxes from the Project Area to the Agency pursuant to Health & Safety Code Section 33670, for the purposes of Redevelopment; and WHEREAS, Sections 33334.2 and 33334.3 of the Health & Safety Code require the Agency to use twenty percent (20 %) of the taxes allocated from the Project Area to the Agency for the purpose of increasing, improving, and preserving the community supply of low and moderate income housing ( "Redevelopment Housing Set -Aside Fund "); and WHEREAS, the City of Redwood City and the Agency have prepared an Owner Participation Agreement with KDF Hallmark, LP (the "Owner Participation Agreement'), for the repair and rehabilitation of the Hallmark Apartment Complex (the "Project "); and WHEREAS, the Owner Participation Agreement requires that the Project be operated to provide affordable housing to very low and low income persons and families for not less than fifty five (55) years; and WHEREAS, KDF Hallmark has obligated itself to provide an opportunity for San Mateo County contractors to bid on the repair and rehabilitation of the Project and shall make reasonable efforts to use San Mateo County contractors, vendors, suppliers and labor for the repair and rehabilitation work where commercially and economically feasible; and WHEREAS, the Project requires assistance from the Agency in the total amount of One Hundred and Fifty Thousand Dollars ($150,000); and Atty /Reso /Reso.1444 14565 121703 1