Points on a square with side length $ c$ are either painted blue or red. Find the smallest possible value of $ c$ such that how the points are painted, there exist two points with same color having a distance not less than $ \sqrt {5}$.

$\textbf{(A)}\  \frac {\sqrt {10} }{2} \qquad\textbf{(B)}\ 2 \qquad\textbf{(C)}\  \sqrt {5} \qquad\textbf{(D)}\  2\sqrt {2} \qquad\textbf{(E)}\ \text{None}$
1. **Understanding the problem**: We need to find the smallest possible side length \( c \) of a square such that no matter how the points on the square are painted (either blue or red), there exist two points of the same color with a distance of at least \( \sqrt{5} \) between them.

2. **Initial consideration**: If \( c \) is too small, it will be impossible to place two points of the same color at a distance of \( \sqrt{5} \) apart. We need to find the minimum \( c \) that satisfies this condition.

3. **Using the Pigeonhole Principle**: Consider the vertices of the square and the center. If we paint these five points, by the Pigeonhole Principle, at least three of them must be the same color. We need to ensure that the distance between any two points of the same color is at least \( \sqrt{5} \).

4. **Calculating distances**:
   - The distance between two adjacent vertices of the square is \( c \).
   - The distance between two opposite vertices (diagonally) is \( \sqrt{2}c \).
   - The distance from the center to any vertex is \( \frac{\sqrt{2}}{2}c \).

5. **Ensuring minimum distance**:
   - For the distance between any two points of the same color to be at least \( \sqrt{5} \), we need \( c \) such that \( \sqrt{2}c \geq \sqrt{5} \).
   - Solving for \( c \):
     \[
     \sqrt{2}c \geq \sqrt{5}
     \]
     \[
     c \geq \frac{\sqrt{5}}{\sqrt{2}} = \frac{\sqrt{10}}{2}
     \]

6. **Verification**:
   - If \( c = \frac{\sqrt{10}}{2} \), then the distance between two opposite vertices is:
     \[
     \sqrt{2} \cdot \frac{\sqrt{10}}{2} = \sqrt{5}
     \]
   - This means that the minimum \( c \) that ensures the distance between any two points of the same color is at least \( \sqrt{5} \) is indeed \( \frac{\sqrt{10}}{2} \).

7. **Conclusion**:
   - Therefore, the smallest possible value of \( c \) is \( \boxed{\frac{\sqrt{10}}{2}} \).