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<br />ORIGINAL <br /> <br />AGREEMENT <br />for <br />CONSTRUCTION OF STREET IMPROVEMENTS <br />(BAIR ISLAND ROAD EXTENSION) <br /> <br />-rL <br />THIS AGREEMENT, made and entered into this c:1Lday of <br />~' 1998, by and between the CITY OF REDWOOD CITY, a <br />municipal corporation of the State of California ("City"), and IRVINE <br /> <br />APARTMENT COMMUNITIES, L. Po, a Delaware limited partnership ("Irvine"); <br /> <br />WITNESSETH: <br /> <br />WHEREAS, Irvine has an interest in approximately 12.12 acres of land <br /> <br />located on Bair Island in the City of Redwood City designated by Assessor's <br /> <br />Parcel Number ("APN") 052-540-030 ("Irvine's Property"); and <br /> <br />WHEREAS, Irvine proposes to develop Irvine's Property for residential <br /> <br /> <br />and small boat marina uses (the "Development"); and <br /> <br />WHEREAS, preliminary approvals by City of the Development require that <br /> <br />Irvine shall construct improvements on an extension of Bair Island Road, which <br /> <br />extension is more particularly described in Exhibit "A" hereof, attached hereto <br /> <br />and by this reference incorporated herein (the "Street Parcel"), and thereafter <br /> <br />convey title thereto to City; and <br /> <br />WHEREAS, irrespective of the final approval and completion of the <br /> <br />Development, the public interest and necessity require acquisition and <br /> <br />improvement of the Street Parcel; and <br />