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��l- C � � <br /> REPORT <br /> To the Honorabie Mayor and City Council <br /> And the Redevelopment Agency Board <br /> From the Cit Mana er and the Executive Director <br /> June 21, 2004 <br /> Subject <br /> Parking Facilities Agreement for the Downtown Underground Public Parking Garage and <br /> Retail-Cinema Project as required by the Amended and Restated Disposition and <br /> Development Agreement <br /> Recommendation <br /> Approve the Parking Facilities Agreement (Parking Agreement) with the City of Redwood <br /> City, the Redevelopment Agency, and On Broadway Redwood City, LLC, (an entity <br /> comprised of BHV Innisfree Ventures I, LLC, developers of the project, and Buchanan <br /> Urban Investors, LLC) as required per Section 518 of the Amended and Restated <br /> Disposition and Development Agreement for the Downtown Retail-Cinema and Parking <br /> Project and authorize the City Manager and the Redevelopment Agency Executive Director <br /> to execute same. <br /> Background <br /> On December 9, 2002, the City Council and Redevelopment Agency (RDA) approved an <br /> Amended and Restated Disposition and Development Agreement (DDA) with BHV <br /> Innisfree Ventures I, LLC (BHV Innisfree) for development of the Downtown Retail-Cinema <br /> and Parking Project (executed January 8, 2003). Per Section 903 of the DDA, BHV <br /> Innisfree assigned its rights under the DDA to a joint venture known as On Broadway <br /> Redwood City, LLC. This Assignment and Assumption Agreement was approved by the <br /> City Council and RDA at a joint meeting on April 26, 2004. <br /> The DDA refers to an attachment in the document (Attachment 7) which outlines the terms <br /> and conditions set forth in the Retail/Cinema Parking Business Points, a document agreed <br /> to by the City, Agency, developer, and the project's major tenant, Century Theatres. These <br /> business points are now set forth in the attached Parking Facilities Agreement. (See <br /> attached agreement.) <br /> As the construction of the public parking garage nears completion, it is necessary to have <br /> this agreement in place prior to the transfer of the air rights parcel to the developer for the <br /> beginning of the private portion of the project. <br /> 1 <br />