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willing to assist and cooperate with the Agency by assisting in the acquisition of the <br /> Property with Housing Fund monies for Affordable Housing Purposes; and <br /> WHEREAS, the City and the Agency desire to enter into an Assignment and <br /> Assumption and Funding Agreement whereby the City will assume all of the Agency's <br /> rights and obligations under the Purchase and Sale Agreement and Agency will commit <br /> Housing Fund monies to pay the purchase price of the Property and City due diligence <br /> costs incurred in connection with the contemplated transaction. <br /> NOW, THEREFORE BE IT RESOLVED that the Redwood City Redevelopment <br /> Agency hereby approves, and authorizes the Executive Director or designee to execute, <br /> the Assignment and Funding Agreement in substantially the same form on behalf of the <br /> Agency, subject to any minor conforming, technical or clarifying changes approved by <br /> the Agency Counsel, and any other documents, actions or steps necessary to carry out <br /> the provisions of the transaction. <br /> PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the <br /> City of Redwood City at a regular meeting held on the day of March 2011 by the <br /> following vote: <br /> ATTY /RESO.2108 /RDA RESO AUTHORIZING ASSINGMENT AND FUNDING AGREEMENT <br /> 030211 <br /> 2 <br />