Report Prepared by: Leah Brown, Management Analyst, Development Services
Title
SUBJECT: Adoption of a Resolution Approving a Grant Agreement in the Amount of $1,690,462 From Coronavirus Local Fiscal Recovery Funds as Established Under the American Rescue Plan Act, a Regulatory Agreement and Declaration of Restrictive Covenants, Notice of Affordability Restrictions and Agreement Containing Covenants with TwelveThirteen Homekey LP
REPORT IN BRIEF
Considers adopting a Resolution approving a Grant Agreement in the amount of $1,690,462 from Coronavirus Local Fiscal Recovery Funds as established under the American Rescue Plan Act, a Regulatory Agreement and Declaration of Restrictive Covenants, Notice of Affordability Restrictions and Agreement Containing Covenants with TwelveThirteen Homekey LP and setting terms of affordability.
RECOMMENDATION
City Council - Adopt a motion:
A. Adopting Resolution 2022-60, a Resolution of the City Council of the City of Merced, California, approving a Deed Restriction Covenant and Grant Agreement in the amount of $1,690,462 from the Coronavirus Local Fiscal Recovery Funds as established under the American Rescue Plan Act, approving a Regulatory Agreement and Declaration of Restrictive Covenants, dated to match the date of property acquisition, Notice of Affordability Restrictions on Transfer of Property, and Agreement Containing Covenants Affecting Real Property with TwelveThirteen Homekey LP; and,
B. Authorizing the City Manager or Deputy City Manager to execute any and all agreements and documents to fulfill the terms and conditions of these grant agreements, and any future documents that may be necessary for the project, subject to the agreements and/or documents being approved as to form by the City Attorney.
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Deny; or,
3. Refer to City Staff for reconsideration of specific items to be addressed in City Council motion; or,
4. Continue to a future City Coun...
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