Agmt11 Redevelopment Agency of Redwood City-Assignment and assumption 1548 Maple St

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ATTACHMENT 3 investigations of the Property in an amount not to exceed Three Hundred Twenty Thousand Dollars ($320,000). 4. CITY'S OBLIGATIONS 4.1 City shall abide by the requirements of Health and Safety Code sections 33220(g) and 33433 and will use or develop or cause to be used or developed the Property, or applicable portion thereof, in accordance with the Redevelopment Plan in existence on the Effective Date and Section 33334.2 of the CRL. In connection therewith, subject to the provisions of Paragraph 5 below, City shall become obligated in accordance with Health and Safety Code section 33437 to: (i) Use the Property for Affordable Housing Purposes designated in the Redevelopment Plan, as in effect on the Effective Date. (ii) Begin or cause to begin the redevelopment of the Property for Affordable Housing Purposes within five years following conveyance of the Property to City, which time period Agency has determined is reasonable. (iii) Impose upon the Property or portion thereof, prior to or in connection with any sale or lease by City to a third party, such covenants, conditions, or restrictions as are necessary to prevent speculation or excess profit taking in land, which may include a right of reverter or option to repurchase in favor of City, and to ensure use of the Property for Affordable Housing Purposes. Covenants, conditions, and restrictions imposed by City may provide for the reasonable protection of lenders. 4.2 Prior to commencement of work on the Property, all necessary environmental review required by the California Environmental Quality Act ( "CEQA ") shall be completed. This Agreement in no way limits the discretion of the City Council, Planning Commission, or the Agency Board in completing environmental review of such work. 4.3 The City shall perform its obligations hereunder in accordance with the applicable provisions of federal, state and local laws. 5. REPAYMENT TO HOUSING FUND In the event City desires to use the Property or any portion thereof for other than Affordable Housing Purposes, City shall reimburse the Housing Fund or, in the event Agency is no longer in existence, such other City affordable housing fund as may be established by City for affordable housing purposes, on a pro rata basis for the value of that portion of the Property which is not used for Affordable Housing Purposes. In all events, however, City shall use, develop or cause the development of the Property in a manner consistent with the Redevelopment Plan as in effect on the Effective Date. 6. MISCELLANEOUS ATTY /AGR/2011.016 /CITY AGENCY ASSINGMENT AND ASSUMPTION AGREEMENT DOCKTOWN 030211 3