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3. GENERAL A. Exclusive Right to Negotiate (ERN) with MidPeninsula Housing CorporationlRaiser Corporation (Ill) REPORT: Redevelopment Agency Executive Director, March 6, 1995 Housing Coordinator Jones-Thomas presented the staff report. Agency Board Directors discussed site control, continued use of the property until a Development Agreement is in place, and remediation. Matt Schwartz of MidPeninsula Housing described the application process and time lines, and advised they were prepared to apply by the March deadline, and would also apply in July if necessary. Mr. Schwartz added that the merchants and residents in the area who were interviewed suggested the name Mezes for the Project title, but if the Council or Redevelopment Agency wished to rename the Project the developers would certainly agree. City Manager Everett advised he would have staff research the issue of whether co- applicants, in this case the City and Redevelopment Agency, could retain tax credits granted to a Project if the developer decided not to participate at a later date, and reassign those credits to another developer or another Project. MEMO 3/7/95 I) MIS: LA BERGE/STEINFELD APPROVE REDEVELOPMENT AGENCY CO- APPLICATION FOR TAX CREDIT ALLOCATIONS WITH MIDPENINSULAIRAISER CORPORATION FOR THE MAIN/ MIDDLEFlELD; CARRIED BY UNANIMOUS VOICE VOTE. MINUTE ORDER NO. 7-RD-95 2) TITLE READ. MIS: BUCHAN SANFILIPO RESOLUTION NO. RD-95-06 OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY APPROVING ERN AGREEMENT WITH RESPECT TO MAIN MIDDLEFIELD PROJECT ADOPTED BY UNANIMOUS ROLL CALL VOTE. --------------------------------------------------------------------------------------------------------------_--_--__n 4. CLOSED SESSION None held. ------------------------------------------------------------------------------------------------------------------------ MINUTE BOOK NO.1 Page No. 262 Special Redevelopment Agency Meeting Minutes March 6,1995 Page 2