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OR I G I AL ATTACHMENT 3 ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AND FUNDING AGREEMENT (1548 Maple Street) THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AND FUNDING AGREEMENT ( "Agreement ") is entered into this day of litah, 2011 ( "Effective Date "), by and between the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, a public body corporate and politic ( "Agency "), and the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California ( "City "), with reference to the following facts: A. Agency has prepared a Redevelopment Plan ( "Redevelopment Plan ") for the Redwood City Redevelopment Project Area 2 ( "Project Area "), which results in the allocation of property taxes from the Project Area, to the Agency ( "Tax Increment ") pursuant to Section 33670(b), of the California Community Redevelopment Law (Health & Safety Code Section 33000 et seq.) ( "CRL ") for purposes of redevelopment. B. The intent of the Redevelopment Plan is, in part, to provide 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. 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. D. 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 assisting in the acquisition of the property commonly known as 1548 Maple Street, consisting of approximately 8.24 acres of land, designated as Assessor Parcel Number 052 - 532 -010, located in the City of Redwood City, County of San Mateo, California, as more particularly described in Exhibit A attached hereto ( "Property ") for Affordable Housing Purposes. E. The City is willing to aid and cooperate with the Agency by assisting in the acquisition and use of the Property for Affordable Housing Purposes. F. Agency, as buyer, and Salaman Associates, LLC, a California limited liability company, and Janice Salaman (collectively, "Seller "), as seller, have entered ATTY /AGR/2011.016 /CITY AGENCY ASSINGMENT AND ASSUMPTION AGREEMENT DOCKTOWN 030211 1