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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 /> §103 Background <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 />fights. <br /> <br /> 2. Conducted a request for proposal process which resulted in selecting <br />Developer to propose development of the Project Site and to determine the feasibility of entering <br />into a disposition and development agreement ("DDA") for such development pursuant to the <br />CRL. <br /> <br /> 3. Entered with Developer into an Agreement to Negotiate Exclusively with <br />Developer dated June 10, 1999 (the "ERN") related to proposed development of the Project Site, <br />the term of which ERN was extended by an amendment thereto dated May 26, 2000, and by a <br />further amendment thereto dated October 23, 2000. <br /> <br /> 4. Engaged the environmental consulting firm of Mundie & Associates to <br />conduct an environmental review of the Project in compliance with the Califomia Environmental <br />Quality Act (Public Resources Code Section 21000, et seq.) ("CEQA") and prepare an <br />administrative draft and final Environmental Impact Report entitled "Downtown Mixed-Use <br />Retail/Cinema Project", which EIR was approved and certified as complete by the Agency on <br />October 17, 2000 (the "Project EIR" ). An addendum to the Environmental Impact Report, dated <br />November 2002 has been prepared. <br /> <br /> B. Pursuant to and during the term of the ERN, Developer: <br /> <br /> 1. Conducted various preliminary studies to determine the feasibility of the <br />Project, including, but not limited to, planning, engineering, marketing, traffic, preliminary <br />environmental, relocation and economic studies; <br /> <br /> 2 <br />DOCSSF1:648942.4 <br />9975-5 C14 <br />120502 <br /> <br /> <br />