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03/07/2011 ORIGINAL RESOLUTION NO. RD -11 -02 A RESOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING AN OPTION AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND THE REDWOOD CITY REDEVELOPMENT AGENCY FOR REAL PROPERTY OWNED BY THE REDEVELOPMENT AGENCY WHEREAS, the Redwood City Redevelopment Agency ( "Agency ") is carrying out the Redevelopment Plan ( "Redevelopment Plan ") for the Redwood City Redevelopment Project Area No. 2 ( "Redevelopment Project "); and WHEREAS, the City of Redwood City ( "City ") and the Agency have common goals in the Redwood City Redevelopment Project Area ( "Project Area "); and WHEREAS, the Agency is engaged in various activities in its efforts to eliminate and prevent the recurrence or spread of conditions causing blight within the Project Area; and WHEREAS, in keeping with the goals of the Agency to eliminate physical and economic blight in accordance with its Redevelopment Plan and its current Implementation Plan, the City and Agency have been working cooperatively in a supportive and collaborative arrangement as the Agency implements its plans, programs, projects and goals; and WHEREAS, the City and the Agency plan to continue this supportive and collaborative arrangement as the Agency implements its goals and activities related to current and future public improvements, community facilities, commercial development, residential development, economic development and affordable housing activities ( "Redevelopment Activities ") as outlined in the Agency's Implementation Plan and as authorized by Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) (the "CRL "); and WHEREAS, since its establishment, the Agency has acquired six parcels ( "Parcels "), as identified on Exhibit A of the attached Option Agreement, for the purpose of Redevelopment Activities; and WHEREAS, the City and the Agency desire to enter into an Option Agreement for the Parcels whereby the City may acquire the Parcels at a pre- determined transfer price of ten dollars ($10) each; and WHEREAS, in the event the City exercises its option to acquire the Parcels, the City shall comply with CRL statutes related to development and disposition of the Parcels and shall have the choice to assign the Parcels to a non - profit economic development corporation or housing authority with all rights, obligations and responsibilities authorized by CRL. ATTY /RESO.2114 /REDWOODCITY RDA RESO AUTHORIZING OPTION AGREEMENT RD # 11 -02 030411 MUFF # 405 1