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6.1 B <br /> Redevelopment Agency of the City of Redwood City AT ���iE1v�� <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2010 <br /> 8. GENERAL INFORMATION, Continued <br /> The foregoing dates limiting debt establishment are inapplicable as they relate to debt that is payable out of <br /> the Low and Moderate Income Housing fund. <br /> The Original Area contains 332 acres of land. The First Amendment Area added 4.24 acres of land and the <br /> Second Amendment Area added 596 acres. The project area includes the traditional downtown of <br /> ' Redwood City, along with the Seaport and Marina sub-areas. <br /> 9. REDEVELOPMENT AGREEMENTS <br /> The Agency has entered into agreements with developers and other government entities for the purpose of <br /> ensuring the redevelopment of properties in its area. The Agency's agreements with developers - termed <br /> Disposition and Development Agreements or Owner Participation Agreements - generally require the <br /> Agency to assist in financing land acquisition or operating costs of a specific project, but are based on the <br /> developer's performance on that project as measured by increases in property taxes and sales taxes <br /> generated by the project or to provide affordable housing to the community. The increases in these taxes <br /> are the only source of Agency assistance for the project. <br /> The Agency has agreements termed pass-through with government entities. These agreements require the <br /> Agency to pass through to these entities a portion of the property tax increases it collects, representing the <br /> increases these entities would have expected to collect if the Agency had not been formed. <br /> All these agreements are described below: <br /> A. Wyndham Place <br /> Under the terms of a Disposition and Development Agreement dated January 10, 1995 between the <br /> Agency and the Developer, Butler Stellar Corporation, the Agency assisted the Developer in the <br /> remediation of environmental hazards and the acquisition of land. The Developer agreed to construct <br /> Wyndham Place, a 15 unit housing complex for low and moderate income citizens. The Agency <br /> contributed $1,968,111 to the project and land valued at $301,356, which previously was held as land <br /> held for redevelopment. <br /> 34 <br />