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<br />7,B- )0 <br /> <br />the highest and best use consistent with the redevelopment plan, then the agency <br />shall provide as part of the summary an explanation of the reasons for the <br />difference. <br /> <br />This report outlines the salient parts of the Disposition and Development Agreement <br />(Agreement) to be entered into by and between the Redwood City Redevelopment Agency, and <br />Peninsula Habitat for Humanity (PHH). This report is being prepared due to the fact that tax <br />increment funds from the Redwood City Redevelopment Agency (RDA) will be used to fund the <br />Agency's financial obligations under the Agreement. <br /> <br />Under this Agreement, the Developer will develop the Vera Street Project, consisting of eight (8) <br />for-sale townhome units: one (1) two-bedroom unit and seven (7) three-bedroom units, with <br />attached 2-car garages. All eight (8) units will carry 45-year affordability covenants limiting <br />occupancy to very-low income households earning no more than 50% of the Area Median <br />Income (AMI). <br /> <br />This report is based upon information in the proposed Agreement and is organized into the <br />following six sections: <br /> <br />1. <br /> <br />Summary of the Proposed Agreement - This section includes a description of the <br />property, the proposed development and the major responsibilities of the Agency <br />and the Developer. <br /> <br />2. <br /> <br />Cost of the Agreement to the Redwood City Redevelopment Agency - This <br />section outlines the cost of the Agreement to the Agency for costs to be funded with <br />Redevelopment Agency (RDA) tax increment funds. It presents the tenns of the <br />property conveyance, and sets forth the net cost of the Agreement to the Agency. <br /> <br />3. <br /> <br />Estimated Value of the Interest to be Conveyed - This section summarizes the <br />value ofthe property to be sold to the Developer. <br /> <br />4. <br /> <br />Consideration Received and Reasons Therefor - This section describes the value <br />ofthe payments, if any, to be made by the Developer to the Agency. It also contains <br />a comparison of the purchase price and the fair market value at the highest and best <br />use consistent with the redevelopment plan for the interests conveyed. <br /> <br />5. <br /> <br />Provision of Very Low, Low, or Moderate Income Housing - This section <br />demonstrates how the sale ofthe property will provide housing for very low-, low-, <br />or moderate-income persons. <br /> <br />18610.001\028-005.doc. 2/11/2005 <br /> <br />Keyser Marston Associates. Inc. <br />Page 2 <br />