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1, 1�` <br /> SUMMARY REPORT PURSUANT TO <br /> SECTION 33433 <br /> OF TH�. _ _ _ . <br /> CALIFORNIA COMMiJNTfY REDEVELOPMENT LAW <br /> ON <br /> THE AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT <br /> AGREEMENT BY AND BETR'EEN <br /> THE REDEVELOPMENT AGENCY OF <br /> THE CITY OF REDWOOD CITY, <br /> THE CITY OF REDWOOD CITY, AND <br /> BFIV INNISFREE VENTURES I, LLC, A CALIFO1tNIA LIMITED LIABILITY <br /> COMPANY <br /> I. INTRODUCTION <br /> Keyser Marston Associates, Inc, as a consultant to the Agency, has prepared this Summary Report. <br /> The Califomia Health and Safety Code, Section 33433, requires that if a redevelopment agency sells <br /> or leases property to wluch it holds title and if that property was acquired in whole or in part with <br /> properry talc increment funds, the agency must first secure approval of the proposed sale from its <br /> local legislative body after a public hearing. A copy of the proposed Amended and Restated <br /> Disposition and Development Agreement (DDA) and a suminary report that describes and contains <br /> specific financing elements of the proposed transaction shall be available for public inspection prior <br /> to the public hearing. As contained in the Code, the following infocmation shall be included in the <br /> summary report: <br /> 1. The cost of the DDA to the redevelopment agency, including land acquisirion costs, <br /> cleazance costs, relocation costs, and the costs of any nnprovements to be provided <br /> by the agency; <br /> 2. Tne esnr ..:�ed value of the interest to be conveyed, detemrined at the highest and <br /> best use }.=:-mittad under the redeveiopment plan; <br /> 3. The estimated value of the interest to be conveyed in accordance with the uses, <br /> covenants, and development costs required under the proposed DDA with the <br /> agency, i.e., the reuse value of the site; <br /> 4. An explanation of why the sale of the property will assist in the elimination of <br /> blight; and <br /> 5. If the sale price is �ss than the fair market value of the interest to be conveyed, <br /> determined at the highest and best use consistent with the redevelopment plan, then <br /> the agency shall provide as part of the summary an explanation of the reasons for the <br /> difference. <br /> Keyser Marston Associates, Inc. <br /> 18610.0011017-022.tloc, 1125I2002 P� � <br />