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ORIGINAL <br /> OPTION AGREEMENT <br /> This OPTION AGREEMENT ( "Agreement ") is made on March , 2011 <br /> ( "Effective Date "), by and between the CITY OF REDWOOD CITY, a charter city and <br /> municipal corporation of the State of California ( "City "), and the REDWOOD CITY <br /> REDEVELOPMENT AGENCY, a public body corporate and politic ( "Agency "), who <br /> agree as follows: <br /> 1. Recitals. This Agreement is made with reference to the following facts: <br /> a. The Agency is a redevelopment agency formed pursuant to the <br /> Community Redevelopment Law (California Health & Safety Code section 33000 <br /> et seq.) ( "CRL ") and is carrying out redevelopment of the Redwood City Redevelopment <br /> Project Area No. 2 pursuant to the Redevelopment Plan. In furtherance of the goals and <br /> objectives of the Redevelopment Plan, Agency has acquired, and is the present fee owner <br /> of, certain real property located in San Mateo County, California, and more particularly <br /> described on Exhibit "A" attached hereto (collectively, "Agency Property "). <br /> b. The Redevelopment Plan provides, in part, for the preservation, <br /> production and rehabilitation of for -sale and rental housing affordable to very low -, low - <br /> and moderate - income persons and families; to take all necessary actions to implement the <br /> Redevelopment Plan for the Project Area; and to expend Tax Increment to accomplish <br /> the affordable housing goals and objectives of the Redevelopment Plan. <br /> c. CRL section 33220(g) allows public bodies, including City, to aid <br /> and co- operate in the planning, undertaking, construction, or operation of redevelopment <br /> projects by purchasing, with or without consideration, any land in a project area held by a <br /> redevelopment agency for redevelopment in accordance with the redevelopment plan. <br /> d. Section 33334.2 of the CRL provides that 20 percent of Tax <br /> Increment shall be used by the Agency for the purposes of increasing, improving and <br /> preserving the community's supply of low- and moderate - income housing available at <br /> affordable housing cost ( "Affordable Housing Purposes "), and section 33334.3 requires <br /> that such funds be set aside in a separate Low and Moderate Income Housing Fund <br /> ( "Housing Fund ") until used. <br /> e. Pursuant to section 33220 of the CRL, certain public bodies, <br /> including the City may aid and cooperate in the planning, undertaking, construction or <br /> operation of redevelopment projects. Agency desires the assistance and cooperation of <br /> the City to increase, improve and preserve the community's supply of low- and moderate <br /> income housing by acquiring the Agency Property for Affordable Housing Purposes. <br /> f. City desires to acquire the exclusive right to acquire the Agency <br /> Property without becoming obligated to acquire it. <br /> g. Agency and City agree on the prices and conditions of transfer for <br /> the Agency Property. <br /> 1 <br /> ATTY /AGR/2011.019 /REDWOOD CITY OPTION AGREEMENT BETWEEN AGENCY <br /> 030411 <br />