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Code, the Council has held a duly noticed public hearing and considered the <br />report. <br />NOW, THEREFORE; <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD <br />CITY, AS FOLLOWS: <br />1. The City Council accepts and approves the Summary Report. <br />2. Based on its examination of the Summary Report, supporting <br />materials attached thereto, the proposed DDA and the hearing conducted <br />regarding the Summary Report, the City Council finds as follows: <br />a. The conveyance of the Agency Parcel and City Transfer <br />Parcel authorized under the DDA will assist in the elimination of <br />blight within the Downtown Subarea of Redevelopment Project <br />Area No. 2 and is consistent with City's Redevelopment Plan. <br />b. The consideration given by the Developer to the Agency and <br />the City in exchange for conveyance of the Agency Parcel and City <br />Transfer Parcel is not less than the fair market value of those <br />properties at their highest and best use in accordance with the <br />Redevelopment Plan. <br />c. The consideration given by the Developer to the Agency and the <br />City in exchange for conveyance of the Agency Parcel and City <br />Transfer Parcel is not less than the fair reuse value of those <br />properties at the use and with the covenants and conditions and <br />development costs contained in and required by the terms of the <br />DDA. <br />Reso -1077 2 <br />AK:djk <br />F:Shared/ Redwood/ Council <br />01/24/01 <br />14140 <br />