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Mayor Greenalch explained the use of tax increment funds described in the Disposition and Development Agreement whereby the City and Agency will contribute to the developer a maximum of $300,000 per year from tax increment funds for fifteen (15) years subject to the provisions in Sections 801 through 805; the developer will provide approximately $10 million for land acquisition alone; and the public process observed for acquisition of property within the Redevelopment Area. Mayor Greenalch asked if anyone else wished to speak. No one wished to speak. M /S: Stangel /Bury to close the Public Hearing. Carried by unanimous voice vote and Public Hearing closed at 9:12 p.m. 3. Sequoia Station Project - Action of City Council with respect to comments received during Health and Safety Code Section 33433 Hearing, and approval of City of Redwood City commitments set forth in Disposition and Development Agreement. (1401 -06) Report: Community Development Director, 4/4/90 Title read: M /S: Buchan /La Berge RESOLUTION NO. 11266 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING DISPOSITION AND DEVELOPMENT AGREEMENT (DDA) FOR SEQUOIA STATION PROJECT, MAKING FINDINGS, AND AUTHORIZING EXECUTION OF DDA WITH RESPECT TO CITY COMMITMENTS TO SAID PROJECT Adopted by unanimous roll call vote. -------------------------------------------------------------------------- - - - - -- 4. Sequoia Station Project - approval of the Disposition and Development Agreement by the City of Redwood City Redevelopment Agency (1401 -06) Report: Community Development Director, 4/4/90 Redevelopment Agency Director Church displayed the $100,000 cashiers check received from Sequoia Station Inc. as part of the obligation and as evidence of good faith in signing the Disposition and Development Agreement. David Irmer, Sequoia Station Inc., addressed the Council describing the seven preceding years of concept planning, and the impact of the Sequoia Station project attracting people back to the downtown core, to shops and restaurants of interest, with architecture and a lively tenant mix. Mr. Irmer thanked Councilman Stangel and City Manager Smith for their endurance over the years and described the difficulties with the many regulatory agencies. He also thanked Redevelopment Agency Director Church and Redevelopment Agency Attorney Hildebrand for their hard work and expertise. Mr. Irmer advised that Safeway has signed a lease with Sequoia Station Inc. and it will be the largest in their chain, and described the enhanced transportation facilities. Mr. Irmer described the next step as land Joint Council /Redevelopment Minutes MINUTE BOOK NO. 49 April 9, 1990 Page No. 269 Page 3