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�� � � <br /> .� <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY, <br /> CALIFORNIA, DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS <br /> FOLLOWS: <br /> Section 1. The foregoing Recitals are true and correct and are incorporated <br /> herein by this reference. <br /> Section 2. The City Council, having held a duly noticed public hearing, finds <br /> and determines that the disposition of the Property to the Developer, pursuant to the <br /> Agreement, will be of benefit to the Agency and the City by providing an affordable <br /> residential base to persons and households of low- or moderate-income residing in the <br /> City, Project Area No. 2, and in other redevelopment project areas of the Agency. <br /> Additionally, disposition of the property will also help improve, upgrade and revitalize, <br /> both economically and physically, a portion of the City located within and adjacent to <br /> Project Area No. 2, thereby creating an environment which will encourage and facilitate <br /> further redevelopment within Project Area No. 2 and in areas adjacent to Project Area <br /> No. 2. <br /> Section 3. The City Council hereby finds that the Agreement is consistent with <br /> the Five Year Implementation Plan (for the 2005-2009 period) previously adopted by the <br /> Agency in that it will significantly increase the City's supply of deed-restricted affordable <br /> housing, enable the Agency to meet its affordable housing production requirements, <br /> and assist the City in meeting the Association of Bay Area GovernmenYs affordability <br /> targets for the City. <br /> Section 4. The City Council hereby finds, pursuant to the Health & Safety <br /> Code Section 33433 Summary Report prepared for the subject disposition, that the <br /> consideration to be received for the Property is not less than the fair reuse value of the <br /> Property at the use and with the covenants, conditions and development costs required <br /> by the conveyance. <br /> Section 5. The City Council hereby adopts the findings and determinations as <br /> set forth herein and finds that the .Agreement is within the redevelopment goals and <br /> objectives of the Agency. <br /> �ection 6. This Resolution shall take effect upon its adoption. <br /> * * * <br /> Atty/Reso/Reso.1522 <br /> 022205/Gdb&Q 2 <br />