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WHEREAS, such redevelopment requires determination of the <br />- feasibility of entering into a disposition and development agreement ("DDA") <br /> pursuant to which redevelopment of the Project Site would take place; and <br /> WHEREAS, in order fairly and efficiently to determine between the <br /> parties whether entering into a DDA serves their respective interests, Agency <br /> and Developers desire to enter into an exclusive right to negotiate pursuant to <br /> which Developers shall have the exclusive right, for a limited period of time, to <br /> negotiate with Agency for a DDA for development of the Project Site; and <br /> WHEREAS, a proposed exclusive right to negotiate agreement has been <br /> presented to, and reviewed by, this Board, and this Board desires to signify its <br /> approval thereof and authorize its execution; <br /> NOW THEREFORE BE IT RESOLVED BY THE REDEVELOPMENT <br /> AGENCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS: <br /> That certain agreement by and between the Redevelopment Agency of <br /> the City of Redwood City, a public body corporate and politic, and Western Real <br /> Estate Investment Trust and The Innisfree Companies entitled, "Agreement for <br /> Exclusive Right to Negotiate (Western Investment Real Estate Trust and The <br /> Innisfree Companies)" (form dated 5/12/99), a copy of which agreement is on file <br /> with the Clerk of this Agency, to which copy reference is hereby made for the full <br /> particulars thereof, is hereby approved, and the Executive Officer and Clerk are <br /> hereby authorized and directed to execute, and to attest thereto, respectively, <br /> <br /> RD-005 <br /> F ;ISharedlRedwoodlCouncillReso <br /> DES:rg RD99-24 <br /> 01/21/98 <br /> <br /> <br />