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0 R I G I N A L 1/26/98 <br /> <br /> RESOLUTION NO. 13275 <br /> <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION <br /> OF ADVANCE FUNDING AGREEMENT <br /> <br /> (FRANKLIN STREET AREA - REDWOOD CITY <br /> REDEVELOPMENT PROJECT NO. 2) <br /> <br /> WHEREAS, concurrently herewith, an Exclusive Right to Negotiate <br />("ERN") has been entered into between the Redevelopment Agency of the City <br />of Redwood City, Shea Homes Limited Partnership, and Irvine Apartment <br />Communities, L.P., for the Franklin Street Area proposed project ("Project") of <br />Redwood City Redevelopment Project No. 2; and <br /> <br /> WHEREAS, the parties to the ERN recognize that, notwithstanding <br />negotiations in good faith, Agreement may not be achieved on a DDA; and <br /> <br /> WHEREAS, the parties to the ERN further recognize that the City cannot <br />grant any Project entitlements unless and until the parties do reach agreement <br />on a DDA and all requirements pertaining to granting such entitlements have <br />been satisfied; and <br /> <br /> WHEREAS, Shea desires to expedite activities of the City and the Agency <br />relating to the ERN or which may ultimately relate to the Project, if a DDA is <br />entered into, by providing funding for such activities or related services, at <br />Shea's risk that such activities and services may not be necessary in the event a <br />DDA is not entered into; and <br /> <br /> 13275 <br /> <br /> <br />