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WHEREAS, in order to enable the Agency to achieve the objec- tives of the Urban Renewal Plan and particularly to make the land in the Project Area available for redevelopment by private enter- prise for redevelopment for and in accordance with the uses spe- cified in the Urban Renewal Plan, the City has undertaken to pro- vide and has provided substantial aid and assistance to the Agency through loans and grants; and WHEREAS, in furtherance of the objectives of the California Housing Authorities Law, the Authority has undertaken a program to provide decent, safe and sanitary dwelling accomodation to persons of low income at rentals they can afford in the City; and WHEREAS, in order to enable the Authority to achieve its ob- jectives both the Federal Government and the City have undertaken to provide and have provided substantial aid and assistance to the Authority; and WHEREAS, the Authority and the Redeveloper have agreed to proceed with an undertaking whereby Redeveloper will construct 199 units of senior citizen housing on a Portion of the Property for persons and families of low and moderate income, which will be subject to a contract by the Authority with the U.S. Department of Housing and Urban Development (hereinafter called "HUD") for the making of housing assistance payments on behalf of elibible families leasing such housing units; and WHEREAS, the Redeveloper has agreed to construct approxi- mately an additional 316 units of housing for rental at market rates or a combination of market rents and subsidized rents for persons and families of low and moderate income and for which the Redeveloper shall obtain either conventional financing or financing pursuant to Section 221(d) (4) of the National Housing Act of 1937; and WHEREAS, HUD has aPproved the selection of RedevelOper as the developer of the said housing, and has approved a Preliminary Proposal submitted by Redeveloper; and WHEREAS, the Agency, the Authority and the Redeveloper now desire to jointly undertake the construction and development of the housing units; and WHEREAS, the Agency offered to sell and the Redeveloper is willing to purchase certain real property located in the Project Area as shown on the "Property Map" which is incorporated herein and attached hereto as Attachment No. 1, and is described in the "Legal Descript]on of Property" which is incorporated herein and attached hereto as. Attachment No. 2 (hereinafter called "Property") for the development of such housing units; and WHEREAS, for and in accordance with the uses specified in Plan and in accordance with the Agreement; and the Redeveloper is willing to redevelop the Property the Urban Renewal -2- FEB Z8 197,