AgdaPkt 2004-05-24 - Laserfiche WebLink

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Co��B-� _ EXCLDSIVE NEGOTIATING AGREEMENT [VERA STREET PROJECT-FIRST C01�410NITY HOIISING] This Exclusive Negotiating Agreeaent (this "Agreement") is entered into by and between the REDEVELOPMENT AGENCY OF REDWOOD. CITY, a public body, corporate and politic (the "Agency") and FIRST COMMUNITY AOUSING, a California non-profit corporation (the "Developer"), and for the convenience of the parties is dated as of May , 2004 (the "Effective Date"). RECITALS wHEREAS, the Agency is or will be the owner of that certain real property consisting of several contiguous lots located at the corner of Vera Street and E1 Camino Real and on Lincoln Avenue between Adam Street and E1 Camino Real in the City of Redwood City (the "City") (the "Property"), as shown on the site map attached hereto as Exhibit "A", which is located within the Agency's Project Area No. 2; WHEREAS, the Developer desires to develop a portion of the Property (which portion shall be referred to herein as the - "First Community Parcel" and is shown in approximate dimensions as Parcel I on Exhibit "A") as affordable housing consisting of approximately sixty (60) rental units together with necessary parking (the "Project"), which will be in furtherance of the goals and mission of the Agency; and WHEREAS, the Agency and the Developer desire to enter into this agreement for the purpose of further exploring the feasibility o£ the development of the Project on the First Commur.ity Parcel; and WHEREAS, the development of the Project is intended to be ur.dertaken in conjunction with the development of the balance of the P:operty (which remairing portion shall be re£erred to herein as the "Habitat Parcel") by Peninsula Habitat for Humanity ("Aabitat") as for-sale affordable townhomes (the "Habitat Project"). NOW THEREFORE, In consideration of their mutual covenants azd obligations set forth herein, the parties hereto agree as follows: 1