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ORIt3INAL OPTION AGREEMENT This OPTION AGREEMENT ( "Agreement ") is made on March t, 2011 ( "Effective Date "), by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California ( "City "), and the REDWOOD CITY REDEVELOPMENT AGENCY, a public body corporate and politic ( "Agency "), who agree as follows: 1. Recitals. This Agreement is made with reference to the following facts: a. The Agency is a redevelopment agency formed pursuant to the Community Redevelopment Law (California Health & Safety Code section 33000 et seq.) ( "CRL ") and is carrying out redevelopment of the Redwood City Redevelopment Project Area No. 2 pursuant to the Redevelopment Plan. In furtherance of the goals and objectives of the Redevelopment Plan, Agency has acquired, and is the present fee owner of, certain real property located in San Mateo County, California, and more particularly described on Exhibit "A" attached hereto (collectively, "Agency Property "). b. The Redevelopment Plan provides, in part, for the preservation, production and rehabilitation of for -sale and rental housing affordable to very low -, low - and moderate - income persons and families; to take all necessary actions to implement the Redevelopment Plan for the Project Area; and to expend Tax Increment to accomplish the affordable housing goals and objectives of the Redevelopment Plan. c. CRL section 33220(g) allows public bodies, including City, to aid and co- operate in the planning, undertaking, construction, or operation of redevelopment projects by purchasing, with or without consideration, any land in a project area held by a redevelopment agency for redevelopment in accordance with the redevelopment plan. d. Section 33334.2 of the CRL provides that 20 percent of Tax Increment shall be used by the Agency for the purposes of increasing, improving and preserving the community's supply of low- and moderate - income housing available at affordable housing cost ( "Affordable Housing Purposes "), and section 33334.3 requires that such funds be set aside in a separate Low and Moderate Income Housing Fund ( "Housing Fund ") until used. e. Pursuant to section 33220 of the CRL, certain public bodies, including the City may aid and cooperate in the planning, undertaking, construction or operation of redevelopment projects. Agency desires the assistance and cooperation of the City to increase, improve and preserve the community's supply of low- and moderate income housing by acquiring the Agency Property for Affordable Housing Purposes. f. City desires to acquire the exclusive right to acquire the Agency Property without becoming obligated to acquire it. g. Agency and City agree on the prices and conditions of transfer for the Agency Property. 1 ATTY /AGR/2011.019 /REDWOOD CITY OPTION AGREEMENT BETWEEN AGENCY 030411