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DG�aC� � o <br /> n � <br /> � C� <br /> Op <br /> � <br /> CONSTRUCTION AND REIMBURSEMENT AGREEMENT <br /> FOR DOWNTOWN RETAIL/CINEMA STREETSCAPE <br /> THIS CONSTRUCTION AND REIMBURSEMENT AGREEMENT (the <br /> "Agreement') is entered into this day of , 2005, by and between <br /> the REDWOOD CITY REDEVELOPMENT AGENCY, a public body, corporate and <br /> politic (the "Agency"), the CITY OF REDWOOD CITY, a charter city and municipal <br /> corporation (the "City"), and On Broadway Redwood City, LLC, a California limited <br /> liability company, in which BHV Innisfree Ventures I, LLC and Buchanan Urban <br /> Investors, LLC, are the sole members (the "Developer"). <br /> Recitals <br /> A. The Agency is in the process of implementing the Redevelopment Plan for <br /> Redevelopment Project #2, Redwood City Community Redevelopment Project (the <br /> "Plan"). <br /> B. The Agency, Developer's predecessor in interest (BHV Innisfree <br /> Ventures I, LLC and the City entered into an Amended and Restated Disposition and <br /> Development Agreement (the "DDA") for powntown Retail-Cinema and Parking Project <br /> (the "Project") on January 8, 2003, for the development of a two-level retail-cinema <br /> project and a Public Parking Facility (the "Public Parking Facility") within an area <br /> defined in the DDA as the "Project Site." Terms defined in the DDA shall have the <br /> same meaning when used in this Agreement. <br /> C. Through approval of this Agreement, both the City and the Agency have <br /> determined that it would not be feasible or cost effective to competitively bid the <br /> Streetscape Improvements portion of the Project or the Street Modifications described <br /> below because, as specified in the DDA, construction of the offsite public improvements <br /> (the "Streetscape Improvements") is a necessary component of the Project. This part of <br /> the Project supports the redevelopment of the downtown area by upgrading the existing <br /> streetscape surrounding the new "On Broadway" development and the section of <br /> Broadway from Jefferson Avenue to Hamilton Street. Included in this improvement is <br /> the transformation of the section of Middlefield Road from Winslow to Broadway into a <br /> one way street with Palm trees, dining terrace, concrete pavers, decorative column <br /> 840847v8 33786/0001 <br />