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01/24/2005 WHEREAS, the Agency and the City Council have evaluated the Agreement and all evidence and testimony for and against the approval of the Agreement; and WHEREAS, the City Council, after a duly noticed public hearing in accordance with Section 33433 of the California Health and Safety Code, approved the Agreement by Resolution. NOW, THEREFORE, THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The foregoing Recitals are true and correct and are incorporated herein by this reference. Section 2. The Agency, having held a duly noticed public hearing, finds and determines that the disposition of the Property to the Developer, pursuant to the Agreement, will be of benefit to the Agency and the City by providing an affordable residential base to persons and households of low- or moderate-income residing in the City, Project Area No.2, and in other redevelopment project areas of the Agency. Additionally, disposition of the property will also help improve, upgrade and revitalize, both economically and physically, a portion of the City located within and adjacent to Project Area No.2, thereby creating an environment which will encourage and facilitate further redevelopment within Project Area No.2 and in areas adjacent to Project Area No.2. Section 3. The Agency hereby finds that the Agreement is consistent with the Five Year Implementation Plan (for the 2005-2009 period) previously adopted by the Agency in that it will significantly increase the City's supply of deed-restricted affordable housing, enable the Agency to meet its affordable housing production requirements, and assist the City in meeting the Association of Bay Area Government's affordability targets for the City. Section 4. The Agency hereby finds, pursuant to the Health & Safety Code Section 33433 Summary Report prepared for the subject disposition, that the consideration to be received for the Property is not less than the fair reuse value of the Property at the use and with the covenants, conditions and development costs required by the conveyance. Section 5. The Agency hereby approves the Agreement and authorizes the execution of the Agreement, and all other documents necessary for the transfer of the Property from the Agency to Developer, by the Redevelopment Manager of the Agency with such non-substantive changes as may be approved by the Redevelopment Manager and Agency legal counsel. Section 6. The Agency hereby adopts the findings and determinations as set forth herein and finds that the Agreement is within the redevelopment goals and objectives of the Agency. Atty/Reso/Reso.1515 012005/GdB&Q 2 RD 05-01 Muff # 401