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<br />. <br /> <br />. <br /> <br />. <br /> <br />time-to-time, is, unless otherwise indicated by the context, <br />hereinafter called "Urban Renewal Plan"); and . <br /> <br />WHEREAS, in order to enable the Agency to achieve the objec- <br />tives of the Urban Renewal Plan and particularly to make the <br />land in the Project Area available for redevelopment by private <br />enterprise for redevelopment for and in accordance with the use" <br />specified in the Urban Renewal Plan, the City has undertaken to <br />provide and has provided substantial aid and assistance to the <br />Agency through loans and grants; and <br /> <br />WHEREAS, in furtherance of the objectives.of the California <br />Housing Authorities Law, the Authority has undertaken a program <br />to provide decent, safe and sanitary dwelling accommodations to <br />persons of low income at rentals they can afford in the City; and <br /> <br />WHEREAS, in order to enable the Authority to achieve its <br />objectives both the Federal Government and the City have under- <br />taken to provide and have provided substantial aid and assistance <br />to the Authority; and <br /> <br />WHEREAS, the Authority and the Redeveloper have agreed to <br />proceed with an undertaking whereby Redeveloper will construct <br />200 units of new leased housing for persons of low and moderate <br />income, which will be subject to a contract by the Authority <br />with the U.S. Department of Housing and Urban Development <br />(hereinafter called "HUD") for the making of housing assistance <br />payments on behalf of eligible families leasing such housing <br />units; and <br /> <br />WHEREAS, HUD has approved the selection of Redeveloper as <br />the developer of the said housing, and has approved a Preliminary <br />Proposal submitted by Redeveloper; and <br /> <br />WHEREAS, the Agency, the Authority and the Redeveloper now <br />desire to jointly undertake the construction and development of <br />the low-income housing units; and <br /> <br />. WHEREAS, the Agency has offered to sell and the Redeveloper <br />is willing to purchase certain real property located in the <br />Project Area as shown on the "Property Map" which is incorporated <br />herein and attached hereto as Attachment No.1, and is described <br />in the "Legal Description of Property" which is incorporated <br />herein and attached hereto as Attachment No. 2 (hereinafter <br />called "Property") for the development of the housing; and <br /> <br />WHEREAS, the Redeveloper is willing to redevelop the Property <br />for and in accordance with the uses specified in the Urban Re- <br />newal Plan and in accordance with the Agreement; and <br /> <br />-2- <br />