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Q. ��(� <br /> This report outlines the salient pazts of die Dispositioa and Development Agrxment for a <br /> Downtown Retail-Cinema Project (DDA) that is to be discussed by the Agency. The proposed <br /> DDA is by and among the Redevelopment Agency of the City of Redwood City (Agency), the City ' <br /> of Redwood City (Ciry), and BHV Innisfree Ventures I, LLC, a California limited liability company <br /> (Developer). If this DDA is approved by the Agency and City, it will authorize development of a <br /> first class, state-of-lhe-art mixed-use retaiUcinema projeck The pucpose of this analysis is to <br /> summarize the cost of the DDA to the Agency/City. <br /> This report is based upon inforniation in the proposed DDA and is organiud into dle following <br /> secdons: <br /> • Section II. Summary of the Proposed Ag�eement - T7vs sxtion includes a <br /> description of the proposed development ("ProjecY') and the major responsibilities <br /> of the Agency and the Developer. <br /> • Section IIL Cost of the Agreement - T7�is sectioa ouflines the cost of the DDA. It <br /> presents the costs associated with the land conveyance to the Developer, and sets <br /> forth the net revenue. <br /> • Section IV. Consideration Received and Reasons Therefore - This seclion <br /> discusses the consideration provided by the Developer and the reasons that the <br /> Agency/City are entering this DDA <br /> • Section V. Estimated Vslue of the Interest to be Conveyed- This section <br /> s»�*+**+ari�Ps the reuse valuation of the interests to be conveyed to the Developer and <br /> the consideration being provided by the Developer. The section indicates that the <br /> consideiation being provided is not less than the reuse value, and also that it is not <br /> less than the estimated value of the Agency owned parcels at the highest and best <br /> use consistent with the redevelopment plan. <br /> • Secrion VI. Elimination of Blight - This section includes an explanarion of why the <br /> Project will assist in the elitnination of blight. <br /> • Secrion VII. Conformance with Five-Year Implementation Plan - Tkus section <br /> describes how the DDA is in conformance with the Agency's Five-Yeaz <br /> Implementation Plan. <br /> Keyser Marston Associates, Inc. <br /> 18610.001\017•022.doc, 11252002 Page2 <br />