Agmt 2005 Olson Urban Housing LLC

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EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT BY AND BETWEEN OLSON URBAN HOUSING, LLC, AND THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO THIS EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT (this "Agreement") is entered into effective as of June 22 , 2005 ("Effective Date") by and between the Redevelopment Agency of the City of San Leandro ("Agency") and Olson Urban Housing, LLC, a Delaware limited liability company ("Developer"). Agency and Developer are hereinafter collectively referred to as the "Parties." WHEREAS, the Agency seeks development of the property located on the block bounded by San Leandro Creek, Davis Street, and East 14th Street (the "Site") in the City of San Leandro, and which is more particularly described in Exhibit A attached hereto in accordance with the redevelopment plan ("Redevelopment Plan") for the Plaza Project Area ("Project Area"); WHEREAS, the Redevelopment Plan calls for the Agency to improve the physical cohesiveness of pedestrian-oriented shopping and offices with residential development in the project area; WHEREAS, the Agency has acquired 210-30 Davis Street, 250 Davis Street, 290 Davis Street, and 1199 East 14th Street (collectively, "Agency Property") on the Site, in furtherance of the goals of the Redevelopment Plan; WHEREAS, Developer submitted a timely response to the Agency's issuance of a Request for Qualifications seeking a developer with experience in urban infill projects consisting of residential development with ground floor commercial (the "Project"); WHEREAS, at its meeting of June 20 , 2005, the Agency's governing board directed staff to pursue negotiations with Developer regarding Developer's proposed development of the Proj ect on the Property and authorized Agency staff to prepare, and the Executive Director to sign, an agreement granting Developer exclusive rights to negotiate for the purpose of reaching agreement on a disposition and development agreement ("DDA") whose terms and conditions shall govern development of the Project and transfer to Developer of the remaining parcels comprising the Property should an interest in such parcels be acquired by Agency; and WHEREAS, Developer anticipates expending significant funds to conduct certain studies that will be needed to assess the feasibility of the Project. NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Good Faith Efforts to Negotiate. The Parties shall use their best efforts to successfully negotiate a DDA which shall describe the terms and conditions governing development of the Proj ect on the Property and the disposition by Agency to Developer of its parcels on the Property. The Parties shall diligently and in good faith pursue such negotiations. Furthermore, Olson ENRA Page 2 of 11 June 2005