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I <br /> <br /> DISPOSITION AND DEVELOPMENT AGREEMENT <br /> for <br /> DOWNTOWN RETAIL-CINEMA-OFFICE AND PARKING PROJECT <br /> <br /> THIS AGREEMENT (this "Agreement") is entered into as of January 29, 2001, by and <br />among the Redevelopment Agency of the City of Redwood City, California (the "Agency"), the <br />City of Redwood City (the "City"), and Western Iunisfree Ventures, LLC, a California limited <br />liability company, in which Cinema Square, LLC, a California limited liability company, and <br />Blake Hunt Ventures I, LLC, a California limited liability company, are the sole members <br />("Developer"). The effective date of this Agreement shall be the date on which it is approved by <br />the Board of Directors of the Agency (the "Effective Date"). <br /> <br /> The Agency, the City and Developer hereby agree as follows: <br /> <br />Article 1 SUBJECT OF AGREEMENT <br /> <br /> §101 Definitions <br /> <br /> Attachment 1 hereto sets forth the definitions of certain words and temxs intended for use <br />in this Agreement. Whenever a word or term that is defined in Attachment 1 appears in the text <br />of this Agreement with its initial letter or letters capitalized, the definition of that word or term <br />set forth in Attachment 1 shall apply. For convenience, Attachment 1 also sets forth the <br />respective section numbers where other words and terms are defined, as to which the method of <br />identification by the capitalization of initial letters also shall apply. <br /> <br /> §102 Purpose of Agreement <br /> <br /> The purpose of this Agreement is to effectuate the Redevelopment Plan by providing for <br />the development of a portion of the Redevelopment Area and to provide for the effective <br />assembly and transfer to Developer of the parcels of real property not now owned or controlled <br />through contract by Developer which comprise the Project Site. This Agreement is entered into <br />for the purpose of developing the Project Site and not for the purpose of speculation in land <br />holding. <br /> <br /> §1o3 <br /> <br /> The development of the Project Site pursuant to this Agreement and the fulfillment <br />generally of this Agreement are in the vital and best interests of the City of Redwood City (the <br />"City") and the health, safety, morals and welfare of its residents, and in accord with the public <br />purposes and provisions of applicable federal, state and local laws and requirements. <br /> <br /> The following is a summary of the background and steps implemented by the Agency <br />and/or Developer prior to execution of this Agreement which are in furtherance of the Agency's <br />redevelopment goals for the Project Site: <br /> <br /> A. The Agency: <br /> <br /> 1. Contacted all owners of property within the Project Site to ascertain if they <br />desired to exercise their owner participation rights under the Community Redevelopment Law <br />(Health and Safety Code §33000 et seq., or "CRL"), but no owner proposed to exercise such <br />rights. <br /> <br />DOCSSFl:495065.9 <br />9975-5 NWN <br /> <br /> <br />