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<br />Iø ~- ~ <br /> <br />WHEREAS, the Shea DDA and IAC DDA contemplated that IAC and <br /> <br />Shea would, by way of separate agreement between themselves, share in the cost <br /> <br />of installing and constructing certain off-site infrastructure improvements <br />required for the implementation of either or both the IAC and/or Shea Franklin <br /> <br />Street Projects (the "Shared Infrastructure"); and <br /> <br />WHEREAS, under the Shea DDA and lAC DDA, Shea and lAC, <br /> <br />respectively, are obliged to post irrevocable security for the cost of construction <br />of their portion of Shared Infrastructure no later than the time they complete <br /> <br />their due diligence activities and make their formal commitment to either <br />terminate the DDA or proceed with their respective Projects (the "Election to <br /> <br />Proceed" in the case of IAC; the "Election to Fund" in the case of Shea); and <br /> <br />WHEREAS, the Shared Infrastructure shown on Exhibit "A" attached <br />hereto and incorporated herein (the "Improvements" ) benefits the Shea Project as <br /> <br />well as the IAC Project; and <br /> <br />WHEREAS, Shea has requested and the Agency has approved <br />amendments to the Shea DDA extending through November 20,2000, the date by <br /> <br />which Shea must make its Election to Fund, and Shea is not prepared at the <br />present time to fund or commit to funding the Improvements; and <br /> <br />WHEREAS, IAC and the Agency desire that the IAC Project proceed <br />without delay; and <br /> <br />WHEREAS, IAC has executed that certain "Agreement for Improvement <br />of One Maple Street Subdivisions" by and between IAC and the City of Redwood <br />-2- <br /> <br />Form dated: 6/19/00 <br /> <br />.-. ._.. .._- T <br />