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0 R I G I N A L 1/26/98 <br /> RESOLUTION NO. RD-98-02 RD 98-02 RD-98-2 RD 98-2 <br /> <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION <br /> OF AGREEMENT FOR EXCLUSIVE RIGHT TO NEGOTIATE <br /> <br /> (SHEA HOMES LIMITED PARTNERSHIP/ <br /> IRVlNE APARTMENT COMMUNITIES) <br /> <br /> WHEREAS, Shea Homes Limited Partnership, a California limited <br /> partnership, and Irvine Apartment Communities, L.P., a Delaware limited <br /> partnership (collectively, "Participants") propose to redevelop the Franklin Street <br /> Area (the "Project Site") in pursuit of the objectives stated in the General Plan of <br /> the City of Redwood City and the Redevelopment Plan for Redwood City <br /> Redevelopment Project No. 2; and <br /> WHEREAS, the Project Site is within an area of the City which has been <br />- designated as a Redevelopment Project Area; and <br /> WHEREAS, Participants own, or have an interest in, a portion of the <br /> Project Site; and <br /> WHEREAS, this Agency contacted all owners of property within the <br /> Project Site to ascertain if they desire to exercise their owner participation rights <br /> under the Community Redevelopment Law (Health & Sar. Code § 33000, et <br /> seq.); and <br /> WHEREAS, in response thereto, Participants were selected by this <br /> Agency to propose development of the Project Site and to determine the <br /> feasibility of entering into an owner participation and disposition and <br /> <br /> development agreement ("DDA") for such development; and <br /> <br /> RD-005 <br /> F;/Shared/Redwood/Council/Reso <br /> DES:rg <br /> 01/21/98 RD98-02 <br /> <br /> <br />