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6.1 B <br /> Redevelopment Agency of the City of Redwood City AT ���,E1��Z <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2010 <br /> 9. REDEVELOPMENT AGREEMENTS, Continued � <br /> E. Irvine Apartment Community <br /> In August 1999 the Agency entered into a Disposition and Development Agreement with Irvine <br /> Apartment Communities (IAC) for a residential development of 206 units located on Maple Street in <br /> Redwood City. The developer was initially to fund all costs associated with the project, and the Agency <br /> agreed to use its power of eminent domain to acquire the two small parcels located on Maple Street (the <br /> ' "Hudson Property"). In early 2000, IAC requested and the Agency Board approved an amendment to <br /> the original deal. The Agency agreed to reimburse IAC for up to $196,000 of costs associated with <br /> offsite improvements related to the project. Based on this agreement, the developer funded the <br /> acquisition budget and the Agency went ahead with the acquisition. As of September 19, 2000, the <br /> Agency received an Order of Immediate Possession from the Court, the commercial and residential <br /> tenants were relocated. <br /> 36 <br />