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4. GENERAL <br />A- Redwood Court Owner Participation Agreement <br />Housing Coordinator Jones - Thomas stated that this iten: was before the <br />Agency on March 24 and an appropriation of $500,000 to MP Redwood Court <br />Associates to preserve 27 affordable units at risk of conversion to market rate <br />was approved. An amendment to the agreement is being proposed that will <br />comply with current Redevelopment law, provide for an increased affordability <br />term of 55 years and extends the term for completion of the work to June 30, <br />2004. <br />Council questions ensued. <br />M/S Hartnett/Ira to approve Owner Participation Agreement (OPA) with MP <br />Redwood Court Associates and authorize the Redevelopment Manager to <br />execute all related documents. <br />The motion passed by a unanimous voice vote by those present with <br />Agency Member Jordan absent. RD MINUTE ORDER 03 -19 <br />5. ADJOURNMENT — 7:18 p.m. <br />Respectfully submitted, <br />Patricia S. Howe, CIVIC <br />Agency Secretary <br />REDEVELOPMENT AGENCY MEETING JUNE 30, 2003 <br />MINUTES PAGE 2 <br />