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�. A - � � <br /> the highest and best use consistent with the redevelopment plan, then the agency <br /> shall provide as part of the summary an explanation of the reasons for the <br /> difference. <br /> This report outlines the salient parts of the Disposition and Development Agreement <br /> (Agreement) to be entered into by and between the Redwood City Redevelopment Agency, and <br /> Peninsula Habitat for Humanity (PHH). This report is being prepared due to the fact that tax <br /> increment funds from the Redwood City Redevelopment Agency (RDA) will be used to fund the <br /> Agency's financial obligations under the Agreement. <br /> Under this Agreement, the Developer will develop the Vera Street Project, consisting of eight (8) <br /> for-sale townhome units: one (1) two-bedroom unit and seven (7) three-bedroom units, with <br /> attached 2-car garages. All eight (8) units will carry 45-year affordability covenants limiting <br /> occupancy to very-low income households earning no more than 50% of the Area Median <br /> Income (AMI). <br /> This report is based upon information in the proposed Agreement and is organized into the <br /> following six sections: <br /> 1. Summary of the Proposed Agreement - This section includes a description of the <br /> properly, the proposed development and the major responsibilities of the Agency � <br /> and the Developer. <br /> 2. Cost of the Agreement to the Redwood City Redevelopment Agency - This <br /> section outlines the cost of the Agreement to the Agency for costs to be funded with <br /> Redevelopment Agency (RDA) tax increment funds. It presents the terms of the <br /> property conveyance, and sets forth the net cost of the Agreement to the Agency. <br /> 3. Estimated Value of the Interest to be Conveyed - This section summarizes the <br /> value of the property to be sold to the Developer. <br /> 4. Consideration Received and Reasons Therefor - This section describes the value <br /> of the payments, if any, to be made by the Developer to the Agency. It also contains <br /> a comparison of the purchase price and the fair market value at the highest and best <br /> use consistent with the redevelopment plan for the interests conveyed. <br /> 5. Provision of Very Low, Low, or Moderate Income Housing - This section <br /> demonstrates how the sale of the property will provide housing for very low-, low-, <br /> or moderate-income persons. <br /> 18610.001\028-005.doc, 2/11/2005 Keyser Marston Associates, inc. <br /> Page 2 <br />