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She aHome s ~c..\} May 16, 2000 Mr. Michael Church City of Redwood City 1017 Middlefield Rd Redwood City, CA 94064 Via Fax and Messenger Delivery Re: Shea Homes Franklin Street Redevelopment Project Amendment to Disposition & Development Agreement Schedule ofPerfonnance Dear Michael: Pursuant to Section 303.D of the DDA, on April 17, 2000, Shea Homes requested the opportunity to Meet and Confer with the Redevelopment Agency of the City of Redwood City tò discuss the feasibility of the Shea Homes Project. Thank you for coordinating the Meet and Confer process these past few weeks to discuss the feasibility of the Shea Homes Franklin Street Project. Per our Meet and Confer sessions of April 24, May 2, and May 11, 2000, please find attached a revised version of the Schedule of Perfonnance included as Attachment 8 to the Disposition and Development Agreement for the Franklin Street Project - Shea Project as approved September 13, 1999 (the "DDA"). Pursuant to DDA Section 311, the Agency and Shea have mutually agreed to the changes in the Schedule of Perfonnance as reflected in the attached revised Schedule of Perfonnance. The purpose of amending the Schedule of Perfonnance is to extend the Due Diligence Period to allow Shea Homes and the Redevelopment Agency of the City of Redwood City an additional 180 days (6 months) to negotiate strategies to assure the financial feasibility of the Shea Homes Franklin Street Project. Upon tennination of the extended Due Diligence Period, Shea Homes will consider whether to make an "Election to Proceed" pursuant to the DDA and in confonnance with the Schedule of Perfonnance. The prior Meet and Confer sessions have satisfied the tenDS of Section 303.D, and no further Meet and Confer sessions will be required in the event potential impediments to the feasibility of the project remain unresolved at the end of the extended Due Diligence Period. In accordance with our prior request of April 17, 2000, Shea Homes requests that the Redevelopment Agency of the City of Redwood City continue to enforce its "stop work" order issued to the Agency consultants authorized under the Due Diligence Budget until such time as successful negotiations are completed. However, Shea Homes authorizes the Agency to reactivate the City Attorney and the Law Offices of Hennan Fitzgerald under the approved Due Diligence budget to assist the Agency in negotiating strategies to assure the financial feasibility of the Shea Homes Franklin Street Project. Should the revised Schedule ofPerfonnance not accurately reflect your understanding of our agreement regarding the noted changes to the schedule, please contact me immediately. Sincerely yours, SHEA HOMES ~ç,/~~ Eric T. Keller Community Development Manager cc: Phil Rafton w/enc. Alicia Guerra w/enc. Shea Homes Morrison & Foerster 25 Metro Drive, Suite 300, San Jose, CA 95110 tel: 408.453.3711 fax: 408.367.2702 .. "........ .--.-.......... ,-,.."......__.. '---r--~""""'-"