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DIRECTOR HARTNETT LEFT THE DAIS AT THIS TIME DUE TO A POSSIBLE CONFLICT OF INTEREST RELATED TO THIS PROJECT. MINUTE ORDER NO. 98-08RD REPORT: Redevelopment Agency Executive Director Church, January 26, 1998 Planning and Redevelopment Agency Director Church presented the staff report for two agreements, Shea Homes and Irvine Company, two different consortiums associated with the same Franklin Street Project, the area bounded by Jefferson Avenue, EI Camino Real, Maple Street and the railroad tracks. Director Church described the Exclusive Right to Negotiate, an agreement between the Agency and the developers that establishes a period of time to October, 1998 to negotiate the terms of a Development Agreement. Director Church said that the companion agreement, the funding agreement for the ERN, provides for staff time for negotiations during the next eight to nine months, and the developer will provide financing for consultants, projects and studies that need to be done. Director Church advised that upon approval of the two agreements, the Agency would begin negotiations this week. In response to Director Leipzig's questions regarding the percentage of "for sale" and rental units to be negotiated, Director Church advised that staff had understood the Agency Board direction to include a majority of "for sale" housing on the site, between 55% and 60%. Director Church said the motion that had been approved by the Agency Board had used the term "majority" and staff had interpreted that to be about 55% to 60%. Director Church described Irvine's interest in developing the Lone Star site and the approval they have already received for approximately 200 units, although the final mix of units had yet to be decided, and would be based on several factors. He added that one variable was just how much of the site would eventually be developed. Director Leipzig said, "Let me just state for the record, if it comes back at... 51 %, something in that area, I will be very disappointed, and will have problems with the agreement. I believe I made it clear before that I would be comfortable in the 75% ownership range, maybe even 80%. I just want to put that on the record." Director Claire said there was such a tremendous shortage of rental units in Redwood City he wanted to see what the developers had to say would be appropriate. He said he agreed with Director Leipzig about more ownership than rental, but he would withhold judgment until the developers had a chance to research and develop plans for the area. Director Ira said he concurred, and there was probably a consensus on the Board, at least four people, that wanted a much higher percentage of home ownership than 50% to 60%. REGULAR REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO. I JANUARY 26,1998 MINUTES Page No. 457 PAGE 2