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REDW \0001 \DOC \001 -4- Redwood Court OPA (clean 6 final).wpd <br />6 \26 \03 10:55 mvc <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY <br />OWNER PARTICIPATION AGREEMENT <br />(REDWOOD COURT APARTMENTS) <br />This Owner Participation Agreement (this "Agreement ") is <br />entered into this day of , 2003, by and <br />between the Redevelopment Agency of the City of Redwood City, a <br />public body, corporate and politic, duly organized and existing <br />pursuant to the Community Redevelopment Law of the State of <br />California (hereinafter referred to as the "Agency "), and MP <br />Redwood Court Associates, a California limited partnership <br />(hereinafter referred to as the "Participating Owner ") and is <br />entered into by the parties hereto with reference to the following <br />facts: <br />RECITALS <br />A. WHEREAS, the Agency is authorized and empowered by <br />the Community Redevelopment Law, Chapter 1 of Division 24 of the <br />California Health and Safety Code, as amended (the "CRL "), to <br />permit owner participation in the redevelopment of real property; <br />to enter into agreements for the acquisition, disposition and <br />development of property or to otherwise assist in the redevelopment <br />of real property within a redevelopment project area conforming <br />with a redevelopment plan adopted for such area; to acquire real <br />and personal property in redevelopment project areas; to receive <br />consideration for the provision of redevelopment assistance; to <br />make and execute contracts and other instruments necessary or <br />convenient to the exercise of its powers; and to incur indebtedness <br />to finance or refinance redevelopment projects; and <br />B. WHEREAS, the Redevelopment Plan (the "Redevelopment <br />Plan ") for the project area in which the subject property is <br />located, Redevelopment Plan Area # 2 (the "Project Area ") , has been <br />approved and adopted by the City of Redwood City, California (the <br />"City "), by duly adopted ordinance; and <br />C. WHEREAS, the Participating Owner is the owner of <br />certain real property located within the City and improved with a <br />27 unit apartment complex, legally described in Exhibit "A" hereto <br />(the "Property "); and <br />D. WHEREAS, the Property has been utilized for the <br />provision of affordable housing in the past, and will, in the <br />1 <br />