RecD06 2006-150659 - Laserfiche WebLink

Browse Search

Amendment to Development Agreement between the City, the District and RSP dated October 29,2002 and recorded on November 4,2002 as Document No. 2002-226265 (the "Sixth Amendment"), further amended by that certain Seventh Amendment to Development Agreement between the City, the District and RSP dated July 9,2003 and recorded on July 9, 2003 as Document No. 2003-188788 (the "Seventh Amendment") and further amended by that certain Eighth Amendment to Development Agreement between the City, the District and RSP dated August 13,2003 and recorded on September 5,2003 as Document No. 2003-253159. (The Original Development Agreement as amended to date, including the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment and the Eighth Amendment, is hereinafter collectively referred to as the "Agreement.") Terms defined in the Agreement shall have the same meaning when used in this Amendment unless otherwise indicated herein. B. The Original Development Agreement was adopted to provide procedures for the District, which is empowered to administer financing and construction of public improvements for the benefit of real property within the District's boundaries, to fund the development of designated future public improvements by means of the imposition of charges based upon applications for building permits for the development of the Redwood Shores Property (as defined in paragraph 2 below), all pursuant to California Government Code Sections 65864- 65869.5, inclusive. C. The term of the Agreement commenced on the effective date of the ordinance approving it (which was June 23, 1982) and continues until September 30,2006 (the "Termination Date"). D. The City, the District and Keech desire to extend the term of the Agreement for an additional three (3) years until September 30,2009 and amend and restate the Agreement in its entirety as set forth below in this Amendment. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby amend and restate the Agreement in its entirety as follows: 1. Incorporation of Recitals: Term. Recitals A through D set forth above are incorporated into this Amendment as though fully set forth herein. The term of this Agreement commenced on June 23, 1982 and shall continue until September 30, 2009, subject to the annual and quarterly reviews described in paragraphs 6, 8 and 9 below and subject to the termination provisions of paragraph 11 below. It is understood that obligations to construct, including obligations to advance funds for construction, or to reimburse for previous advances or construction, which may have been incurred by the parties pursuant to paragraph 8 below prior to such termination, shall continue beyond the term hereof as provided in paragraph 11 below. 2. The Proposed Development. The real property to be developed which is the subject of this Agreement includes all that real property located within those areas designated as Redwood Peninsula Areas A through I, inclusive, including Area H. Maps showing said Areas are included at pages 42 through 44 in that booklet entitled "City of Redwood City General Improvement District No. 1-64 Financing Plan for Future Public Improvements," dated KP A TTON:mds:RSP.4345\Agreement.DOC F:Atty/ Agr/ AmendGID64.8 071003 2