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<br />I tem No.1 (conti nued) <br /> <br />ultimately requiring dealing with the plan. City Attorney Schricker and City <br />Manager Smith responded that a participation agreement could allow for short <br />term automobile dealership sales, but in the long term, the company would be <br />bound by the terms and conditions of the redevelopment project; that <br />Boardwalk would be offered the opportunity to participate; that in fact a <br />specific redevelopment plan for the area does not exist except in very broad <br />terms, and will depend upon what the Board ultimately does. <br /> <br />Chairman Britschgi determined that the presentation by EGS/Metro-Safeway <br />Stores, Inc., will be made at the June 11, 1984 meeting of the Redevelopment <br />Agency. <br /> <br />Mr. Maynor (see above), stated for the record that they are not greatly <br />interested in entering into a participation agreement, prefering that the <br />Board deal with just the Use Permit, since their concern is not to spend a <br />lot of time negotiating. <br /> <br />Alan Philips, owner of the building at 51 James Avenue, spoke in support of <br />the Use Permit for Boardwalk Volkswagen, and believed that the City would <br />benefit by the improved appearance of the site, and noted that applicant has <br />agreed to move when the time comes to do so. <br /> <br />MIS: StangellMosher to authorize negotiation of participation agreement with <br />Boardwalk Volkswagen <br /> <br />adopted unanimously by roll call vote. <br /> <br />MINUTE ORDER NO. 84-85 RD <br /> <br />2. <br /> <br />Investment of Monies in Local Agency Investment Fund <br />(LAIF) <br /> <br />Finance Director Tasseff explained that the LAIF is a two million dollar <br />State fund in which locallgovernmental entities are permitted to invest, and <br />described the prodedure for doing so. <br /> <br />Title read. <br /> <br />MIS: <br /> <br />Ch and 1 er lMo sher <br /> <br />RESOLUTION NO. RD-84-02 AUTHORIZING INVESTMENT OF REDEVELOPMENT AGENCY OF <br />REDWOOD CITY MONIES IN LOCAL AGENCY INVESTMENT FUND <br /> <br />3. <br /> <br />adopted unanimously by roll call vote. <br />Presentation - Update on Redevelopment <br /> <br />City Manager Smith introduced the subject, and called attention to a chart <br />displayed on the wall. He commented on the fact that redevelopment is a very <br />critical aspect of city activities; that under present economic conditions, <br />short of cutting services, one of the few alternatives left is to improve the <br />community's economic base by means of redevelopment. Referring to the chart, <br />he commented on the Seaport area, Marina area, Centre area, and Gateway. He <br />reviewed the history of formation of the Redevelopment Agency in Redwood <br />City. <br /> <br />Redev. Agency <br />5/21/84 <br />Page 3 <br /> <br />MINUTE BOOK NO. 45 <br />Page No. 20 <br />