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<br />(c.A/?; <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 />First Community Housing (FCH). 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 fifty- <br />eight (58) rental units, 1,200 square feet of ground floor retail space, an approximate 1,430 <br />square-foot community room and computer lab for residents, an outdoor playground facility for <br />residents, 112 dedicated residential parking spaces. The complex will consist of four stories of <br />residential units above one level of podium parking and one level of subterranean parking. The <br />site area is approximately 27,300 square feet. All fifty-eight (58) of the units will carry 55-year <br />affordability covenants limiting occupancy to fifty-seven (57) very low-income households <br />earning between 20% to 50% of AMI and one (1) moderate-income manager household earning <br />up to 120% of AMI. <br /> <br />This report is based upon infonnation 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 Valoe of the Interest to be Conveyed - This section summarizes the <br />value of the property to be sold to the Developer. <br /> <br />4. <br /> <br />Consideration Received and Reasons Therefor - This section describes the value <br />of the 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 />18610.001\028-004.doc; 1/20/2005 <br /> <br />Keyser Marston Associates. Inc. <br />Page 2 <br />