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a Plan and the Northwest Redevelopment Area Blight Analysis prepared by Dahlgren Shardlow and Uban Inc.; and WHEREAS, Apache Redevelopment, LLC (the"Developer"),which has proposed that approximately 211,000 sq/ft of retail and office space, 220 market rate rental units, 336 owner- occupied flats, 26 three story town homes and 80 senior cooperative units, together with related public improvements and public amenities be constructed on a portion of the property in Redevelopment Project Area No. 3 (the"Redevelopment Property"); and WHEREAS, the City and HRA has found and determined that such proposed redevelopment of the Redevelopment Property will result in increased housing units to meet the demands of the marketplace, the increase of employment opportunities for residents of the city, the increase of the value of property subject to taxation by the City and other local government units, needed public improvements and amenities and the increase of general economic activity in the City, all of which will reduce unemployment, improve living conditions,promote desirable redevelopment of land,remove blight and prevent the emergence of additional blighted property and areas, and encourage and enhance the general health and welfare of the residents of the City; and WHEREAS, the HRA on September 23, 2003 pursuant to Resolution 03-016 approved the redevelopment proposal of the Developer and approved the general terms of a redevelopment agreement between the City,HRA and Developer and authorized the negotiation of a redevelopment agreement between the City, HRA and Redeveloper; and WHEREAS, representatives of the Developer and of the City and HRA have negotiated and resolved the proposed terms of a redevelopment agreement for the development by the Developer of the Redevelopment Property, including the means by which such development will be undertaken and the extent of public assistance required for such development, which proposed terms are contained in a Redevelopment Agreement by and among the City, the HRA and the Developer and related agreements (the Redevelopment Agreement and related agreements are herein together referred to as the"Redevelopment Agreement") negotiated by such parties, a draft of which has been made available for review by the Board and is on file with the Executive Director and a summary of which has been presented to and reviewed and discussed by this Board. NOW, THEREFORE,BE IT RESOLVED,by the Board of the HRA as follows: 1. The Board finds that the redevelopment of the Redevelopment Property as proposed by the Developer, are in the vital and best interests of the City and the HRA and (a) the proposed tax increment and other public assistance to be provided by the City and HRA to such redevelopment is necessary in order to allow the redevelopment to occur, (b) the public expenditures contempalated therein primarily serve a public purpose and will result in needed public improvements and amenities, including new streets and utilities,will result in the removal of blight and blighting influences, will result in necessary storm water treatment facilities of material benefit to the natural environment and are in the public interest by permitting the redevelopment of property in the City in a manner beneficial to the City and HRA and.in a fashion that meets the goals and objectives of the Redevelopment Plan and (c) the adoption of 2