AgdaPkt 2000-11-13 - Laserfiche WebLink

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~ ~-f.p SheaHomes November 2, 2000 Mr. Michael Church City of Redwood City 1017 Middlefield Rd Redwood City, CA 94064 Via Fax and US Mail Re: Shea Homes Franklin Street Redevelopment Project Amendment to Disposition & Development Agreement Schedule of Perfonnance 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 to discuss the feasibility of the Shea Homes Project. Per our Meet and Confer sessions, on May 16, 2000, Shea Homes requested an extension of the Schedule of Perfonnance for 180 days. Subsequent to the Redevelopment Agency Board approving this request, Shea Homes has worked diligently with Agency staff to redesign the project and worked with the Agency's consultant, Keyser Marsten and Associates, to better understand the project economics. Unfortunately we have not fully negotiated strategies to assure the financial feasibility of the Shea Homes Franklin Street Project, and are only now beginning to enter those negotiations. Please find attached a revised version of the Schedule ofPerfonnance 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 120 days (4 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 ofPerfonnance. Should the revised Schedule of Perfonnance not accurately reflect your understanding of our agreement regarding the noted changes to the schedule, please contact me immediately. Sincerely yours, SHEA HOMES f~.-- 2::) ¿/ /' ;:r L L. ¿, ""'? ~ Eric T. Keller Community Development Manager cc: Layne Marceau Kevin Peters Alicia Guerra w/enc. w/enc. w/enc. Shea Homes Shea Homes Morrison & Foerster 23 .\letro Drive. Suite 300, San lose. CA 93110 te]' -tOR,453 3711 fax' 408,367,2702