RDA Agmt 2004 1040 Davis Partnership LLC

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THIS DISPOSITION AND DEVELOPMENT AGREEMENT is made on or as of this 7th day of June, 2004, by and between the Redevelopment Agency of the City of San Leandro (hereinafter "Agency") and 1040 DAVIS PARTNERSHIP LLC, a California limited liability company (hereinafter referred to as "Developer"). WITNESSETH: 1. Pursuant to its authority granted under California law, the Agency has the responsibility to carry out the Plaza Redevelopment Plan, which was approved and adopted by Ordinance No. 1295 N.S. on December 28, 1960; and subsequently amended and merged. Said redevelopment plan as described and as thereafter from time to time amended is referred to herein as the "Redevelopment Plan" and is incorporated into this Agreement by reference. 2. In furtherance of the Redevelopment Plan, the Agency and Developer co-signed the Letter of Intent for the purchase and sale of the Property located at 1040 Davis Street (hereinafter "L01"), in San Leandro, California. Agency and Developer have now completed the negotiations for the purchase and the development of the real property located at 1016, 1040, 1048, and 1052 Davis Street, and more particularly described on the attached Exhibit A incorporated herein by reference. Said real property, which is located in an area governed by the Redevelopment Plan, is hereinafter referred to as "Property". The Property as described in Exhibit A is the real property shown on the Site Plan attached hereto as Exhibit B. 3. The purposes of this Agreement are to provide a mechanism whereby the Developer shall acquire, own, and develop the Property in accordance with this Agreement and to effectuate the provisions of the Redevelopment Plan. The development of the Property contemplated by this Agreement is consis- tentwith the Redevelopment Plan, the Implementation Plan, and the City of San Leandro General Plan. 4. The Agency has concluded that the Developer has the necessary expertise, skill and ability to carry out the commitments herein contained and that this Agreement is in the best interests and will materially contribute to the Redevelopment Plan. AGREED: PART ONE: PROJECT Article One: DEVELOPER'S PRE-DISPOSITION REQUIREMENTS 1.01 Conditions Precedent. As a condition precedent to the Agency's obligation to sell and convey to Developer the Property for Developer's commencement of construction, the conditions set forth in this Article One must first be met by the date as set forth in this Part relevant for such condition, unless such time limit is extended by the Agency at the discretion of its Executive Director. 1.02 Approval of Development Plan. A. Prior to the execution of this Agreement, the Developer duly submitted to the Agency a Development Plan for the development of the Property, which plan also forms part of the Developer's Disposition and Development Page 1 Agreement - 1040 Davis Street May 14, 2004 FINAL