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<br />JAH:d~~ 04/06/90 (RD-8/27) <br />APR - v /990 <br /> <br />COPy <br /> <br />RES 0 L UTI 0 N N O. <br /> <br />11266 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING DISPOSITION AND DEVELOPMENT AGREEMENT <br />(DDA) FOR SEQUOIA STATION PROJECT, MAKING FINDINGS, AND <br />AUTHORIZING EXECUTION OF DDA WITH RESPECT TO CITY <br />COMMITMENTS TO SAID PROJECT <br /> <br />WHEREAS, the City of Redwood City, the Redevelopment Agency <br /> <br />of the City of Redwood City (the "Agency"), SamTrans, Caltrans <br /> <br />and Sequoia Station Developers, Inc. (formerly The Innisfree <br /> <br />Companies, Inc.) have been engaged for some time in the <br /> <br />preparation of plans and related documents for the construction <br /> <br />of The Sequoia Station Project (formerly known as the Gateway <br /> <br />Center Mixed Use Development and Transit Project); and <br /> <br />WHEREAS, the Agency and Sequoia Station Developers, Inc. <br /> <br />(the "Developer") have set forth their respective rights and <br /> <br />duties and the many terms and conditions under which the site <br /> <br />will be assembled and the Project constructed in an agreement <br /> <br />entitled "Disposition and Development Agreement for the Sequoia <br /> <br />Station Project" (the "DDA"); and <br /> <br />WHEREAS, the summary of the DDA required by Health and <br /> <br />Safety Code Section 33433 has been prepared and made available <br /> <br />by published notice for public inspection and copying; and <br /> <br />WHEREAS, the City Council has held a public hearing <br />concerning the proposed DDA and the payment therein provided to <br /> <br />the Developer of a portion of the Tax Increment and Sales and Use <br /> <br />Tax revenues anticipated to be generated by the Project, together <br /> <br />with the transfer to the Developer of two of the sixteen parcels <br /> <br />comoprising the site that are now owned by the City, to assist <br /> <br />the Developer to assemble the site for the Project; and <br />