Agmt04 El Camino & Vera Street - Laserfiche WebLink

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ORIGINAL EXCLUSIVE NEGOTIATING AGREEMENT [ VERA STREET PROJECT - FIRST COMMUNITY HOUSING ] This Exclusive Negotiating Agreement (this "Agreement") is entered into by and between the REDEVELOPMENT AGENCY OF REDWOOD CITY, a public body, corporate and politic (the "Agency") and FIRST COMMUNITY HOUSING, a California non-profit corporation (the "Developer"), and for the convenience of the parties is dated as of May~, 2004 (the "Effective Date"). RECITALS WHEREAS, the Agency is or will be the owner of that certain real property consisting of several contiguous lots located at the corner of Vera Street and El Camino Real and on Lincoln Avenue between Adam Street and El Camino Real in the City of Redwood City (the "City") (the "Property"), as shown on the site map attached hereto as Exhibit "A", which is located within the Agency's Project Area No. 2; WHEREAS, the Developer desires to develop a portion of the Property (which portion shall be referred to herein as the "First Community Parcel" and is shown in approximate dimensions as Parcel I on Exhibit "A") as affordable housing consisting of approximately sixty (60) rental units together with necessary parking (the "Project"), which will be in furtherance of the goals and mission of the Agency; and WHEREAS, the Agency and the Developer desire to enter into this agreement for the purpose of further exploring the feasibility of the development of the Project on the First Community Parcel; and WHEREAS, the development of the Project is intended to be undertaken in conjunction with the development of the balance of the Property (which remaining portion shall be referred to herein as the "Habitat Parcel") by Peninsula Habitat for Humanity ("Habitat") as for-sale affordable townhomes (the "Habitat Project") . NOW THEREFORE, In consideration of their mutual covenants and obligations set fort h herein, the parties hereto agree as follows: 1 .