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suc: g 8,l/88 ( 37/o11) ORIGINAL <br /> SWC:aml ~ ../88R <br /> <br /> AGREEMENT <br /> <br /> HERON COURT PAINTING PROJECT (CDBG) <br /> <br /> THIS AGREEMENT, made and entered into this /~f~day of <br /> ~'~ , 1988, by and between the CITY OF REDWOOD <br /> v <br /> <br />CITY, a municipal corporation of the State of California, <br />hereinafter referred to as "City," and HERON COURT COOPERATIVE, <br />INC., a California non-profit Corporation, hereinafter referred <br />to as "Heron Court"; <br /> <br /> WI TNE S SETH : <br /> <br /> WHEREAS, Heron Court, which was established for the purpose <br />of providing limited equity residential ownership to low and <br />moderate income persons in the City of Redwood City has requested <br />financial assistance for its proposed painting project; and <br /> <br /> WHEREAS, in consideration of said financial assistance, <br />Heron Court is willing to provide to the City access to Heron <br />Court's financial records, and is further willing to meet certain <br />hereinafter described goals in its operation and management, <br />during the fiscal year July 1, 1988 - June 30, 1989; <br /> <br /> NOW, THEREFORE, the parties hereto agree as follows: <br /> <br /> 1. CITY OBLIGATION. City shall allocate from its CDBG <br />funds to Heron Court the sum of One Hundred Sixty Thousand Five <br />Hundred Sixty and No/100 Dollars ($160,560.00) for the sole <br />purpose of financing the Heron Court painting project during the <br />fiscal year commencing July 1, 1988, and ending June 30, 1989, in <br />accordance with the "Management Goals and Guidelines" set forth <br />in Exhibit "A", and with the budget set forth in Exhibit "B" both <br />exhibits of which are attached hereto and incorporated herein by <br />reference. <br /> <br /> <br />