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03/07/2011 ORIGINAL RESOLUTION NO. 15097 A RESOLUTION OF THE CITY OF REDWOOD CITY APPROVING AN ASSIGNMENT AND ASSUMPTION AND FUNDING AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY WITH RESPECT TO THE PROPOSED PURCHASE OF CERTAIN PROPERTY AT 1548 MAPLE STREET WHEREAS, the Redevelopment Agency of the City of Redwood City ( "Agency ") is carrying out the Redevelopment Plan ( "Redevelopment Plan ") for the Redwood City Redevelopment Project Area No. 2 ( "Project Area "); and WHEREAS, the Redevelopment Plan results in the allocation of property taxes from the Project Area to the Agency ( "Tax Increment ") pursuant to Section 33670(b) of the California Community Redevelopment Law (Health & Safety Code Section 33000 et seq.) ( "CRL ") for purposes of redevelopment; and WHEREAS, the Redevelopment Plan provides for the preservation, production and rehabilitation of for -sale and rental housing affordable to very low -, low- and moderate - income persons and families utilizing Tax Increment; and WHEREAS, Section 33334.2 of the CRL provides that 20 percent of Tax Increment shall be used by the Agency for the purposes of increasing, improving, and preserving the community's supply of low- and moderate - income housing available at affordable housing cost ( "Affordable Housing Purposes "), and Section 33334.3 requires that such funds be set aside in a separate Low and Moderate Income Housing Fund ( "Housing Fund ") until used; and WHEREAS, the City of Redwood City ( "City ") and the Agency share the common goal of eliminating and preventing the recurrence or spread of conditions causing blight and increasing, improving and preserving the community's supply of low- and moderate income housing within the Project Area; and WHEREAS, on March 7, 2011, the Agency entered into a Real Estate Purchase and Sale Agreement ( "Purchase and Sale Agreement ") (Exhibit B to the attached Assignment and Assumption and Funding Agreement) with Janice Salaman ( "Seller "), providing for the purchase and sale by Seller to Agency of certain property commonly known as 1548 Maple Street, consisting of approximately 8.24 acres of land, having Assessor Parcel Number 052 - 532 -010, located in the City of Redwood City, County of San Mateo, California, as more particularly described in Exhibit A of the attached Assignment and Funding Agreement ( "Property ") with Housing Fund monies for Affordable Housing Purposes; and ATTY /RESO.2109 /CITY RESO APPROVING ASSINGNMENT AND FUNDING AGREEMENT #15097 030211 MUFF #405 1