RecD08 2008-068241 - Laserfiche WebLink

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