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<br />7, ß - 9 <br /> <br />SUMMARY REPORT PURSUANT TO <br />SECTION 33433 <br />OF THE <br />CALIFORNIA COMMUNITY REDEVELOPMENT LAW <br />ON <br />THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br />REDWOOD CITY REDEVELOPMENT AGENCY <br />AND <br />PENINSULA HABITAT FOR HUMANITY <br /> <br />I. <br /> <br />INTRODUCTION <br /> <br />The California Health and Safety Code, Section 33433, requires that if a redevelopment agency <br />wishes to sell or lease property to which it holds title and if that property was acquired in whole <br />or in part with property tax increment funds, the agency must first secure approval of the <br />proposed sale or lease agreement from its local legislative body after a public hearing. A copy of <br />the proposed sale or lease agreement and a summary report that describes and contains specific <br />financing elements of the proposed transaction shall be available for public inspection prior to <br />the public hearing. As contained in the Code, the following information shall be included in the <br />summary report: <br /> <br />1. <br /> <br />The cost of the agreement to the redevelopment agency, including land <br />acquisition costs, clearance costs, relocation costs, the costs of any improvements <br />to be provided by the agency, plus the expected interest on any loans or bonds to <br />finance the agreement; <br /> <br />2. <br /> <br />The estimated value of the interest to be conveyed or leased, determined at the <br />highest and best use permitted under the redevelopment plan; <br /> <br />3. <br /> <br />The estimated value of the interest to be conveyed in accordance with the uses, <br />covenants, and development costs required under the proposed agreement with <br />the Agency, i.e., the reuse value of the site; <br /> <br />4. <br /> <br />An explanation of how the sale or lease of the property will provide housing for <br /> <br />very low-, low-, or moderate-income persons; and <br /> <br />5. <br /> <br />The purchase price or sum of the lease payments that the lessor will be required to <br />make during the term of the lease. If the sale price or total rental amount is less <br />than the fair market value of the interest to be conveyed or leased, determined at <br /> <br />Keyser Marston Associates, Inc. <br />Page 1 <br /> <br />1861 0.001\028-005.doc, 2/1112005 <br />