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09/11/2006 ORIGINAL RESOLUTION NO. 14733 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING AND AUTHORIZING THE EXECUTION OF AN ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, THE CITY OF REDWOOD CITY, ON BROADWAY REDWOOD CITY, LLC, AND ON BROADWAY INVESTORS, 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, On January 8, 2003, the City, Agency and BHV Innisfree Ventures I, LLC, a California limited liability company, ("BHV") entered into that certain Amended and Restated Disposition and Development Agreement for a Downtown Retail-Cinema and Parking Project (the "Original DDA"), as amended by the First Implementation Agreement, dated February 24, 2003 and the Second Implementation Agreement, dated September 23, 2003 (all collectively referred to herein as the "DDA"); and WHEREAS, City, Agency, BHV and On Broadway Redwood City, LLC ("OBRC") entered into an Assignment and Assumption Agreement, dated May 4, 2004, pursuant to which BHV assigned to OBRC and OBRC assumed all of BHV's rights and obligations in the Project Site and in the DDA; and WHEREAS, OBRC now desires to assign its rights and obligations under the DDA and certain related agreements to On Broadway Investors, LLC, a Delaware limited liability company, ("OBI") in which RAR2-Broadway at Redwood City - CA, Inc., a Maryland corporation ("RAR2"), is the managing member and BHV I On Broadway, LLC, a Delaware limited liability company ("BHV I"), is a developer member; and A TTY IRESO/RESO.1646 090606 14733 formerly muff # 405 1