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<br />S /. A- .s <br /> <br />C-Jtt(-) <br />.. &~ <br /> <br />23801 C.-Jø'-aø Rœd <br />SUite 1015 <br />Cùt~q. CA91302 <br />818.704.019S <br />Fax 818.704.4729 <br /> <br />www.gdqJaw.cœn <br /> <br />3S-32S Date Palm Driw <br />SUite 202 <br />Cafbødœl City. CA 92234 <br />760.770.0873 <br />Fax 760.770.172A <br /> <br />Green, de Bortnowsky & QuintaDllla, LLP <br />Attorneys at Law <br /> <br />Dnct E-måI.A.ddnIIII: <br />cp-~.com <br /> <br />Reply to: <br />C-IIIa1xo- Offiœ <br /> <br />MEMORANDUM <br /> <br />To <br /> <br />Honorable Mayor Jeff Ira <br /> <br />cc <br /> <br />Members of the City Council for the City of Redwood City <br />Stan Yamamoto, City Attorney <br />Susan Moeller, Redevelopment Manager <br /> <br />Michael Custodio, Deputy Special CoWlSel to Redevelopment Agency <br />Charles R Green, Special Counsel to Redevelopment Agency <br /> <br />From: <br /> <br />Date: <br /> <br />March 31,2005 <br /> <br />Re <br /> <br />Non-substantive Amendments to First Conmunity Housing DDA (Vera Street <br />Project) <br /> <br />TIris Memorandum is intended to address whether the proposed Amended and <br />Restated Disposition and Development Agreement ("Amended DDA") by and between the Agency <br />and First Connnunity Housmg, Inc. may be ùnplemented without presentation to the City <br />CouncillBoard at a noticed public hearing and whether execution of the Amended DDA requires a <br />vote of the Board <br /> <br />Pursuant to Section 33433 of the Community Redevelopment Law, any disposition of <br />property previously acquired with tax increment fimds must be brought forth at a duly noticed public <br />hearing. The pwpose of the Section 33433 is to ensure full disclosure of the essential tenœ of <br />agency transactions, thereby ensuring accountability to the public. Essential tenœ include, without <br />limitation, the pW'Chase price of the property, the use of the property, the cost of the disposition to <br />the agency, etc. As the proposed revisions to the original DDA do not change the amO1mt of Agency <br />assistance to be provided to the project, nor its repayment, and because the ultimate number of units <br />to be restricted to extremely/very low income households, after application of the TCAC restrictions, <br />