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AGREEMENT BY AND BETWEEN THE REDWOOD CITY REDEVELOPMENT AGENCY AND FIRST COMMUNITY HOUSING, INC The motion passed by a unanimous roll call vote. 2. M/S Foust/Bain that the Agency Board adopt a resolution approving the Disposition and Development Agreement by and between the Redwood City Redevelopment Agency and First Community Housing, Inc. which provides for subsequent transfer of land to First Community Housing; (401) RESOLUTION RD 05 -01 OF THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDWOOD CITY REDEVELOPMENT AGENCY AND FIRST COMMUNITY HOUSING, INC The motion passed by a unanimous roll call vote. 3. M/S Hartnett/Pierce that the Agency Board approve a resolution authorizing submittal of an application for funding to the County of San Mateo Housing Department to assist in project costs. (401) RESOLUTION RD 05 -02 AUTHORIZING SUBMISSION OF AN APPLICATION FOR THE EL CAMINO/VERA STREET WORKFORCE HOUSING PROJECT TO THE SAN MATEO COUNTY OFFICE OF HOUSING FOR CDBG FUNDING FOR FISCAL YEAR 2005106 IN AN AMOUNT UP TO FIVE HUNDRED THOUSAND DOLLARS ($500,000) TO PARTIALLY FUND THE PROJECT CONSTRUCTION AND DESIGNATING DEBBIE JONES - THOMAS, HOUSING COORDINATOR, AS THE CONTACT PERSON The motion passed by a unanimous roll call vote. 7. STAFF REPORTS A. Loan Agreement between the City of Redwood City and the Redevelopment Agency — City Council and Redevelopment Agency Redevelopment Manager Moeller explained that the City Council and Agency had approved a plan to finance various downtown improvements that used a combination of bonds and a loan of $3 million from the City. This item approves the loan agreement between the City and Agency for the funding plan. Recommendation M/S Foust/Howard that the City Council and the Redevelopment Agency Board approve a loan agreement under which the City will lend the Redwood City CITY COUNCIL, REDEVELOPMENT AGENCY, AND JANUARY 24, 2005 PUBLIC FINANCING AUTHORITY JOINT MEETING MINUTES PAGE 5 MINUTES Book No, 60 Page No. 386