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.

What this record is

Held by

TwelveThirteen Homekey LP

Amount

$1.69M

Runs until

no end date published in this record

Type

contract

Field

Real estate

Read automatically from the title of the official record. The source document below is authoritative.

Committee

City Council/Public Finance and Economic Development Authority/Parking Authority

Requested by

Development Services Department

Introduced

July 19, 2022

On agenda

September 19, 2022

Passed

September 19, 2022