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0 R I G I N A L 1/26/98 <br /> <br /> RESOLUTION NO. RD-98-03 RD 98-03 RD-98-3 RD 98-3 <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 /> WHEREAS, the parties to the ERN recognize that, notwithstanding <br /> negotiations in good faith, Agreement may not be achieved on a DDA; and <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 /> 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 /> RD-004 <br /> F;/Shared/Redwood/Council/Reso <br /> DES:rg <br /> 01/20/98 RD98-03 <br /> <br /> <br />