AgdaPkt 2004-06-21 - Laserfiche WebLink

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�, l -� . I REPORT To the Honorabie Mayor and City Council and the Redevelopment Agency Board from the Cit Mana er and Executive Director June 21, 2004 Subject Approval of Parcel Map and Reciprocal Easement and Maintenance Agreement and Vacation of a portion of Middlefield Road for the Underground Public Parking Garage and Retail-Cinema Project Recommendation 1. Approve the Parcel Map for the Underground Public Parking Garage and Retail- Cinema Project, and 2. Approve the Reciprocal Easement and Maintenance Agreement, and 3. Approve Vacation of a portion of Middlefield Road Background On January 29, 2001, the City Council and the Redevelopment Agency (RDA) entered into a Disposition and Development Agreement for the Downtown Retail-Cinema-Office and Parking Project. This Agreement was superseded and replaced by an Amended and Restated Disposition and Development Agreement (DDA), which was approved by the Council and Agency on December 9, 2002. On May 5, 2004, the Subdivision Committee approved a Tentative Map for a re- subdivision of the project site, which includes the 2100 block of Broadway (south side) in downtown, into three parcels. The existing block contains 7 parcels: one is owned by the Agency and 6 others, which will be owned by the City prior to recordation of the parcel map. The Parcel Map for a vertical subdivision divides the property into three separate parcels: 1. Parcel A will be the air space above Parcel B, which will be sold by the Agency to the developer of the Retail-Cinema project (On Broadway Redwood City, LLC), led by David Irmer. 2. Parcel B will be the entire block and the Underground Public Parking Garage, which will be owned by the City. As soon as the Map is recorded, the title to the existing Agency-owned parcel will be transferred to the City. 3. Parcel C will be the surface rights within Middlefield Road, which lie above the Underground Parking Garage. (See attached copy of Parcel Map). Page 1 of 2