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ORDINANCE NO. P-_ 182 <br />ORDINANCE OF THE BOARD OF PORT COMMISSIONERS OF <br />THE CITY OF REDWOOD CITY APPROVING AND <br />AUTHORIZING EXECUTION OF EXCHANGE AGREEMENT <br />BETWEEN THE PORT OF REDWOOD CITY AND CARGILL, INC. <br />BE IT ORDAINED BY THE BOARD OF PORT COMMISSIONERS OF <br />THE CITY OF REDWOOD CITY, AS FOLLOWS: <br />Section 1. Public hearing having been duly noticed for, and held on <br />Mach 4 _, 1998, on the question of approval of the agreement <br />between the Port of Redwood City and Cargill, Inc., and pursuant to the <br />provisions of Section 3 1/2 of the Charter of the City of Redwood City, the Board <br />of Port Commissioners of the City of Redwood City does hereby approve that <br />certain agreb-ment entitled, "Agreement for Exchange of Properties" (the. <br />"Agreement") between Cargill, Inc. ("Cargill") and the City of Redwood City, by <br />and through its Board of Port Commissioners ("Port"), which Agreement provides <br />that the Por! will transfer its interest in the property commonly Imown as "Parce! <br />A" ;o Cargill, Inc., in exchange for "Parcel B," as described more particularly in <br />the Agreement and collectively referred to herein as the "Properties." <br />The Agreement is subject to (i) certain conditions of title and an appraisal <br />of the Properties pursuant to Section 3 1/2 of the Charter of the City of Redwood <br />City; and (ii) the posting of a performance bond by Green Valley Corp., dba Barry <br />Swenson Builder ("Swenson"), the purchaser from Cargill of property adjacent to <br />the Properties, for the performance of certain work of improvements to be, <br />Ord-POiO <br />Glsharedtort <br />FXS:rg <br />ovz;/ae <br />1 <br />Document Number: 1998-036691 Page: 14 of 16 <br />