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IREPORT ' <br /> TO the Honorable Mayor and .C.,ity Council <br /> From the Ci~ <br /> <br /> October 14, 2002 <br /> <br /> Subject <br /> <br /> GID 1-64 Development Agreement Temporary Extension <br /> <br /> Recommendation <br /> <br /> Introduce an Ordinance approving and authorizing the sixth amendment to the <br /> Development Agreement with Redwood Shores Properties, for a second temporary <br /> extension up to and including June 23, 2003. <br /> <br /> Background <br /> <br /> On May 20th, 2002, after a public hearing, the City Council approved the concept to <br /> pursue an extension of GID 1-64 Development Agreement with Redwood Shores <br /> Properties. <br /> <br /> On August 5, 2002, City Council approved a third temporary extension (up to October <br /> 23, 2002) to allow time for the preparation of all documents necessary to extend the <br /> Development Agreement for another three years. Due to the complexity of the different <br /> parties involved in this new agreement, the final documents are not yet completed. <br /> Therefore, the City and Redwood Shores Properties have agreed to temporarily extend <br /> the existing Development Agreement for the third time up to June 23, 2003. <br /> <br /> Alternative <br /> <br /> Not approve the Amendment to the Development Agreement, and/or modify it as <br /> necessary. <br /> <br /> <br />