Res82 RD-82-09 - Laserfiche WebLink

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B. Participation in different locations. In appropriate circumstances, the Agency will purchase the land and improvements from existing owners, and offer parcels of land for purchase by participants prior to offering for sale to the general public. Section 3. OWNER PARTICIPATION AGREEMENT Each owner desiring to participate will be required to enter into a Participation Agreement with the Agency. Each Participation Agreement will contain provisions necessary to insure that the Participation Proposal will be carried out, and that the subject property will be developed or used in accord- ance with the conditions, restrictions, rules and regulations of the Revelopment Plan and the Participation Agreement. Each Participation Agreement will require the participant to join in the recordation of such documents as the Agency may require in order to insure such development and use. Participation Agreements will be effective only if ap- proved by the Agency. Section 4. PARTICIPATION PROCEDURE A. Each owner interested in becoming a participant in the Project Area must submit to the Agency a statement indicating such interest ("Statement of Interest") within one hundred and twenty (120) days after the adoption of an ordinance by the City Council of the City of Redwood City approving the Redevel- opment Plan for the Project Area. The Agency may disregard Statements of Interest submitted after said one hundred and twenty (120) days. The Agency will notify each owner submit- ting a Statement of Interest of the time within which he may submit to the Agency a proposal to participate ("Redevelopment Participation Proposal"). B. Each Redevelopment Participation Proposal shall in- clude evidence of the proposer's financial ability to complete his participation in accordance with the Redevelopment Plan.