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the Agency paying the whole subsidy from the higher property tax receipts. Director Church said the City did not have the resources at this time and it was more appropriate that the Agency assume this responsibility. He said if the property was not sold by the end of the Parking Assessment debt retirement a new subsidy arrangement would be proposed. Director Church said that Phase II now being built is not a part of the DDA the City and Agency have with Sequoia Station developers and there is no subsidy agreement involving that site. MIS: LA BERGE/HOWARD. TITLE READ. RESOLUTION NO. 12741 OF THE CITY OF COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING EXECUTION OF AN AGREEMENT BETWEEN THE CITY AND THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY FOR PAYMENT OF DEVELOPER SUBSIDY BY AGENCY AND DISCHARGE OF AGENCY DEBT TO CITY; ADOPTED BY UNANIMOUS ROLL CALL VOTE. __n______---______n___________nnnnnnnnnnnnnn_____---------------______nn___________n______n______--_n B. Consideration of Further Extension to Disposition and Development Agreement (DDA) with Trestine Group. (304, 405) REPORT: Redevelopment Agency, April 22, 1996 Redevelopment Agency Executive Director Church said this issue was the consideration of an extension to a DDA project, comer of Main Street and Broadway, with the Trestine Group, which has changed its name to Mezes Plaza Partners. Director Church provided a history and description of the project, and said the area of concern was financing. He said the developers had provided "strong evidence that they have commitments on at least a third of the building and fairly strong indications for other tenants for the rest of the space....enough that they can get past the 51% pre-lease requirement which would enable them to get financing." Director Church said staff believed the developers were very close to securing financing and it was reasonable to recommend a three month extension "rather than walk away at this point." In response to Council questions, Director Church said the $500,000 set aside for this project was in fact drawing good interest. Vice Mayor Howard said the neighboring merchants were excited at the prospect ofU.C. Berkeley Extension and possibly the Redwood City School District moving in. However, the original plans were for retail shops on the 1st floor, and Vice Mayor Howard, said she "would like to strongly encourage (the developers) to seek out...retail...that would draw people" to the downtown area. MEMO 4/23/96 MINUT BOOK.'NO. 54 Page No. 206 Regular Meeting Minutes April 22, 1996 Page 8