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WHEREAS, in keeping with the goals of the Agency to eliminate physical and <br /> economic blight and increase, improve and preserve the community's supply of low - <br /> and moderate income housing in accordance with its Redevelopment Plan, the City is <br /> 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 City of Redwood City hereby <br /> approves, and authorizes the City Manager or his designee to execute, the Assignment <br /> and Assumption and Funding Agreement in substantially the same form on behalf of the <br /> City, subject to any minor conforming, technical or clarifying changes approved by the <br /> City Attorney, and to execute such other documents, and take such further actions as <br /> may be necessary to carry out the contemplated transaction, including without limitation <br /> a certificate accepting conveyance of the Property. <br /> PASSED, APPROVED AND ADOPTED by the City of Redwood City at a regular <br /> meeting held on the 7 day of March 2011 by the following vote: <br /> ATTY /RESO.2109 /CITY RESO APPROVING ASSINGNMENT AND FUNDING AGREEMENT <br /> 030211 <br /> 2 <br />