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<br />(PA-:¡ <br /> <br />WHEREAS, the Agency and the City Council have evaluated the Agreement and <br />all evidence and testimony for and against the approval of the Agreement. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY, <br />CALIFORNIA, DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS <br />FOLLOWS: <br /> <br />Section 1. The foregoing Recitals are true and correct and are incorporated <br />herein by this reference. <br /> <br />Section 2. The City Council, having held a duly noticed public hearing, finds <br />and determines that the disposition of the Property to the Developer, pursuant to the <br />Agreement, will be of benefit to the Agency and the City by providing an affordable <br />residential base to persons and households of low- or moderate-income residing in the <br />City, Project Area No.2, and in other redevelopment project areas of the Agency. <br />Additionally, disposition of the property will also help improve, upgrade and revitalize, <br />both economically and physically, a portion of the City located within and adjacent to <br />Project Area No.2, thereby creating an environment which will encourage and facilitate <br />further redevelopment within Project Area No.2 and in areas adjacent to Project Area <br />No.2. <br /> <br />Section 3. The City Council hereby finds that the Agreement is consistent with <br />the Five Year Implementation Plan (for the 2005-2009 period) previously adopted by the <br />Agency in that it will significantly increase the City's supply of deed-restricted affordable <br />housing, enable the Agency to meet its affordable housing production requirements, <br />and assist the City in meeting the Association of Bay Area Government's affordability <br />targets for the City. <br /> <br />Section 4. The City Council hereby finds, pursuant to the Health & Safety <br />Code Section 33433 Summary Report prepared for the subject disposition, that the <br />consideration to be received for the Property is not less than the fair reuse value of the <br />Property at the use and with the covenants, conditions and development costs required <br />by the conveyance. <br /> <br />Section 5. The City Council hereby adopts the findings and determinations as <br />set forth herein and finds that the Agreement is within the redevelopment goals and <br />objectives of the Agency. <br /> <br />Section 6. <br /> <br />This Resolution shall take effect upon its adoption. <br /> <br />* * * <br /> <br />Atty/Reso/Reso.1516 <br />012005/Gdb&Q <br /> <br />2 <br />