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- ORIGINAL <br /> AMENDMENT NO. 1 <br /> TO AGREEMENT FOR THE <br /> REIMBURSEMENT OF OFF-SITE IMPROVEMENTS <br /> <br /> [IRVlNE APARTMENT COMMUNITIES - FRANKLIN STREET PROJECT] <br /> <br />~.~,~(~ This Amendment No. 1 is entered into and effective as of the ~_~_day of <br /> ~amending the Agreement dated February 15, 2001 (the "Agreement"), <br /> by and between the Redevelopment Agency of the City of Redwood City, California <br /> ("Agency"), and Irvine Apartment Communities, L.P., a Delaware limited partnership <br /> ("lAC") (collectively, the "Parties"). <br /> <br /> RECITALS <br /> <br /> WHEREAS, the Parties entered into that certain "Disposition and Development <br /> Agreement for Franklin Street Project," approved by Agency on August 10, 1999, by <br /> Redevelopment Resolution No. RD 99-30 (the "lAC DDA"); and <br /> <br /> WHEREAS, Agency also entered into that certain "Disposition and Development <br /> Agreement for Franklin Street Project" with Shea Homes Limited Partnership, a <br /> California limited partnership ("Shea"), approved by Agency on September 13, 1999, by <br /> Redevelopment Resolution No. RD 99-31, and dated October 28, 1999 (the "Shea <br /> DDA"); and <br /> <br /> WHEREAS, the Shea DDA and the lAC DDA contemplated that lAC and Shea <br /> would, by way of separate agreement between themselves, share in the cost of <br /> installing and constructing certain off-site infrastructure improvements required for the <br /> implementation of either or both the lAC and/or Shea Franklin Street Projects (the <br /> "Shared Infrastructure"); and <br /> <br /> WHEREAS, Shea did not move forward with the Shea-Franklin Street Project <br /> and the Shea DDA was terminated by Shea and Agency; and <br /> <br /> WHEREAS, following termination of the Shea DDA, the Parties desired that the <br /> lAC Franklin Street Project proceed without delay; and <br /> <br /> WHEREAS, on June 26, 2000 the Agency Executive Board approved and <br /> authorized execution of the Agreement by which the Agency would reimburse lAC for <br /> certain improvements on Maple Street and El Camino Real and would recover these <br /> funds from the successor in interest to Shea Homes; and <br /> <br /> WHEREAS, during the period between 1999 and 2000, Agency was in the <br /> process of acquiring parcels between Maple Street and Redwood Creek to be used as a <br /> childcare center (the "Childcare Project"); and <br /> <br /> F:AttyAgr/amend1 .irvinereimb 1 <br /> 102502 <br /> <br /> <br />