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The following Summary Report is based upon information contained within the Agreement, and <br />is organized into the following seven sections: <br />I. salient Points of the Agreement: This section summarizes the major responsibilities <br />imposed on the Agency and Developer by the Agreement. <br />11= Cost of the Agreement to the Agency: This section details the total cost to the <br />Agency associated with implementing the Agreement. <br />III. Estimated Value of the Interests to be Conveyed or Leased Determined at the <br />Highest and Best Uses Permitted under the Redevelopment Plan: This section <br />estimates the value of the interests to be conveyed determined at the highest and hest <br />use permitted under the Site's zoning and the requirements imposed by the <br />Redevelopment Plan. <br />IV. Estimated Reuse Value of the Interests to be Conveyed or Leased: This section <br />summarizes the Valuation estimate for the Site based on the required scope of <br />development, and the other conditions and covenants required by the Agreement. <br />V. Consideration Received and Comparison with the Established Value: This section <br />describes the compensation to be received by the Agency, and explains any difference <br />between the compensation to be received and the established Value of the Site. <br />VI. Blight Elimination: This section describes the existing blighting conditions on the Site, <br />and explains how the Agreement will assist in alleviating the blighting influence. <br />1111= Conformance with the AB1290 implementation Plan: This section describes how the <br />Agreement is in conformance with the Agency's adopted A131 290 Implementation Plan. <br />This report and the Agreement are to be made available for public inspection prior to the <br />approval of the Agreement. <br />I. SALIENT PORTS of THE AGREEMENT <br />Project Description <br />The Agreement requires the Developer to complete the following Scope of Development: <br />'l. Phase i -1 will be developed on approximately 2.44 ages on the block bounded by <br />Santa Aria Boulevard, Lacy Street, Sixth Street, and Minter Street, and will contain the <br />following elements: <br />. A total of seventy -four 7 multi - family residential units, allocated to the following <br />unit mix: <br />194M.M.a 7 <br />