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installing and constructing certain off-site infrastructure improvements required for the <br />implementation of either or both the IAC and/or Shea Franklin Street Projects (the <br />"Shared Infrastructure"); and <br /> <br /> WHEREAS, under the Shea DDA and IAC DDA, Shea and IAC, respectively, <br />are obliged to post irrevocable security for the cost of construction of their portion of <br />Shared Infrastructure no later than the time they complete their due diligence activities <br />and make their formal commitment to either terminate the DDA or proceed with their <br />respective Projects (the "Election to Proceed" in the case of IAC; the "Election to <br />Fund" in the case of Shea); and <br /> <br /> WHEREAS, the Shared Infrastructure shown on Exhibit "A" attached hereto <br />and incorporated herein (the "Improvements" ) benefits the Shea Project as well as the <br />IAC Project; and <br /> <br /> WHEREAS, Shea has requested and the Agency has approved amendments to <br />the Shea DDA extending through November 20,2000, the date by which Shea must <br />make its Election to Fund, and Shea is not prepared at the present time to fund or <br />commit to funding the Improvements; and <br /> <br /> WHEREAS, IAC and the Agency desire that the IAC Project proceed without <br />delay; and <br /> <br /> WHEREAS, IAC has executed that certain "Agreement for Improvement of <br />One Maple Street Subdivisions" by and between IAC and the City of Redwood City <br />(the "Improvement Agreement") and furnished City the security required therein; and <br /> <br /> -2- <br /> Form dated: 6/19/00 <br />C:\TEMP\IAC Reimbursement v.4 Clea copy.doc <br /> <br /> <br />