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4/26/99 ORIGINAL RESOLUTION NO. RD-99-22 RD 99-22 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY ADOPTING REPLACEMENT HOUSING PLAN FOR THE FRANKLIN STREET PROJECT WHEREAS, the Council of the City of Redwood City ("City Council") adopted Ordinance No. 1862 on July 19, 1982 approving and adopting the Redevelopment Plan for Redevelopment Project No. 2 ("Redevelopment Plan"), which Redevelopment Plan was subsequently amended by Ordinance No. 1911, dated May 20, 1985 ("First Amendment"); by Ordinance No. 2007, dated December 19, 1989 ("Second Amendment"); and by Ordinance No. 2085, dated December 19, 1994 ("Third Amendment"); and WHEREAS, in pursuit of the goals and objectives of Redevelopment Plan, as amended, the Redevelopment Agency of the City of Redwood City ("Agency") entered into an exclusive right to negotiate agreement ("ERN") with Shea Homes Limited Partnership, a California limited partnership, and Irvine Apartment Communities, L.P., a Delaware limited partnership (" Developers"), as amended October 12, 1999; and WHEREAS, under the terms of the ERN, Developers and Agency are negotiating and contemplate entering into a disposition and development agreement or agreements ("DDAs") for development of what is commonly referred to as the "Franklin Street Project"; and WHEREAS, as part of their DDA negotiations, Developers have proposed, and Agency desires to consider, a project for the redevelopment of the Project Site (the "Franklin Street Project" or "Project"); and WHEREAS, currently proposed, the Franklin Street Project may involve the acquisition of real property by the Agency which may lead to the destruction or removal of dwelling units from the Project Site; and WHEREAS, the Community Redevelopment Law, at Health and Safety Code Section 33413.5, requires that, not less than 30 days prior to the execution of an RD-010 F:/$hared/redwood/¢oun¢il 04/20/99 1