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<br />JAH:d7m 04/06/90 (RD-8/27) <br /> <br />WHEREAS, the City Council has reviewed and considered the <br /> <br />DDA and the testimony received during said public hearing; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY FIND AND <br /> <br /> <br />RESOLVE AS FOLLOWS: <br /> <br /> <br />1. The City Council finds and determines that the several <br /> <br /> <br />forms of consideration to be paid the Developer under the DDA <br /> <br /> <br />(Tax Increment, Sales and Use Taxes and two parcels of real <br /> <br />property) are necessary to effectuate the purposes of the <br /> <br />redevelopment plan, namely the construction of a distinctive <br /> <br />retail center combined with a multimodal transit facility in the <br /> <br /> <br />Downtown Area. <br /> <br /> <br />2. The City Council hereby approves the Disposition and <br /> <br /> <br />Development Agreement for the Sequoia Station Project. <br /> <br />3. The City Council hereby authorizes the Mayor and City <br /> <br /> <br />Clerk to execute the DDA on behalf of the City of Redwood City <br /> <br />with respect to the specific rights and duties of the City of <br /> <br /> <br />Redwood City set forth therein. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />2 <br /> <br />11266 <br />