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<br />. . . <br /> <br />IJUIILICA 1& <br />ORIGINAL <br /> <br />THIS AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT <br />AGREEMENT (the "Agreement") is entered into by and between the <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY (the "Agency") and <br />FIRST COMMUNITY HOUSING, a California non-profit public benefit <br />corporation (the "Developer"), and is dated as of the '~I ~t- day <br />of yY) tu'\..1~ , 2005. The Agency and the Developer agree <br />as follows: <br /> <br />RECITALS <br /> <br />WHEREAS, the Agency and the Developer previously entered <br />into that certain Disposition and Development Agreement dated as of <br />February 4, 2005 and approved at the January 24, 2005 joint public <br />hearing of the City Council of the City of Redwood City and the <br />Agency Board for the development of a 58 unit affordable rental <br />housing project within the Agency's Project Area No.2 (the <br />"Original DDA"); and <br /> <br />WHEREAS, the parties hereto desire to modify the Original <br />DDA to reduce, from 58 to 30, the amount of units to be restricted <br />to extremely low to very low income persons or households so that <br />the Developer could receive certain state public assistance <br />necessary for the construction of the subject housing project; and <br /> <br />WHEREAS, the parties hereto desire to implement the <br />agreed-upon modifications to the Original DDA by amending and <br />restating such agreement as herein set forth, with the intention <br />that this Agreement replace and supercede the Original DDA in its <br />entirety. <br /> <br />NOW, <br /> <br />THEREFORE, <br /> <br />the Agency and the Developer agree as <br /> <br />follows: <br /> <br />ARTICLE I <br /> <br />SUBJECT OF AGREEMENT <br /> <br />Section 1.01. Purposes of Aqreement. The purpose of <br />this Agreement is to effectuate redevelopment within the boundaries <br />of the City of Redwood City (the "City") by providing for the <br />purchase and the redevelopment by the Developer of certain real <br />property located within the duly established Project Area No.2 of <br />the City and as indicated in the site map attached hereto as <br />Exhibit "A" (the "Property"). The acceptance and the redevelopment <br />of the Property by the Developer pursuant to this Agreement, and <br />the fulfillment generally of the Agreement, are in the vital and <br />best interests of the City, the Agency, and the health, safety, <br />morals, and welfare of the City's residents, and are in accord with <br /> <br />1 <br /> <br />REDW\OOO6\DOC\OOl-7 <br />3/29/05 3:15 /rove <br /> <br />