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<br />Section 1.01. Purposes of Agreement. The <br />purpose of this Disposition and Development Agreement is <br />to effectuate redevelopment within the boundaries of the <br />City of Redwood City (the "City") by providing for the <br />purchase and the redevelopment by the Developer of <br />certain real property located within the City and as <br />indicated in the site map attached hereto as Exhibit "A" <br />(the "Property"). The acceptance and the redevelopment <br />of the Property by the Developer pursuant to this <br />Agreement, and the fulfillment generally of the <br />Agreement, are in the vital and best interests of the <br />City, the Agency, and the health, safety, morals, and <br />welfare of the City's residents, and are in accord with <br />the public purposes and provisions of applicable federal, <br />state and local laws and requirements. The Property is <br />adjacent to, but not located within, a redevelopment <br />project area. Redevelopment law permits the expenditure <br />of redevelopment funds outside the boundaries of a <br />project area for the purposes of preserving, protecting <br />or expanding the availability of low- and moderate-income <br />housing within the City. <br /> <br />Section 5. Section 1.02 of the DDA is hereby amended and <br />shall read in its entirety as follows: <br /> <br />Section 1.02. Applicability of Redevelopment <br />Law. This Agreement is subject to the provisions of the <br />Community Redevelopment Law of the State of California <br />(the "Community Redevelopment Law"). The Agency <br />represents and warrants that the uses and improvements to <br />be constructed on the Property (the "Project") in <br />accordance with the Scope of Development attached hereto <br />as Exhibit "B" comply with the provisions of the <br />Community Redevelopment Law. <br /> <br />Section 6. Section 2.02 of the DDA is hereby amended <br />and shall read in its entirety as follows: <br /> <br />Section 2.02. Agency Assistance and Conditions <br />Precedent. <br /> <br />The Agency hereby agrees that in order to <br />assist the Developer in the development of the Project, <br />the Agency shall, subject to the terms and conditions <br />contained herein, convey to Developer the Property at no <br />cost (the "Land Grant") and monetary assistance in the <br />amount of Six Hundred Thirty Two Thousand Eight Hundred <br /> <br />2 <br />