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12/09/02 ORIGINAL AGENCY RESOLUTION NO. RD-02-74 RESOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE AGENCY, THE CITY OF REDWOOD CITY AND BHV INNISFREE VENTURES I, LLC WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.), the Redevelopment Agency of the City of Redwood City (the "Agency") is carrying out the Redevelopment Plan (the "Redevelopment Plan") for the Redevelopment Project No. 2 (the "Redevelopment Project"); and WHEREAS, the Agency, the City and BHV Innisfree Ventures I, LLC, a California limited liability company (the "Developer") previously entered into a Disposition and Development Agreement, dated January 29, 2001; and WHEREAS, due to certain changed circumstances, the parties desire to enter into an Amended and Restated Disposition and Development Agreement (the "DDA"), providing for the disposition of certain real property (the "Parcels") to the Developer for development and construction of a two-level retail-cinema project (the "Project"); and WHEREAS, the Community Redevelopment Law of the State of California (Health and Safety Code Section 33000 et seq.) provides in Section 33431 that any sale or lease of Agency property may be made only after a public hearing of the Agency after publication of notice as provided by law; and WHEREAS, the Community Redevelopment Law further provides in Section 33433 that before any property acquired, in whole or in part, with tax increment monies, is sold or leased for development pursuant to a redevelopment plan, such sale or lease shall first be approved by the legislative body after a public hearing, that notice of the time and place of the public hearing shall be published in a newspaper of general circulation in the community for at least two (2) successive weeks prior to the public hearing, and that the Agency shall make available for public inspection a report containing a copy of the proposed sale or lease and a summary of the financial and other aspects of the proposal; and WHEREAS, the Agency has prepared its report on the proposed DDA (the "Report") as required by Section 33433 of the Community Redevelopment Law; and WHEREAS, pursuant to Section 33445 of the Community Redevelopment Law, a redevelopment agency is authorized, with the consent of the legislative body, to pay all F:Atty/Reso. Reso.1349 121002