AgdaPkt 2002-11-04 - Laserfiche WebLink

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WHEREAS, the Childcare Project included the closure of Lathrop Street; and WHEREAS, as the Childcare Project progressed it was determined that the costs to box culvert the creek was cost prohibitive and the Childcare Project at the site was discontinued; and WHEREAS, subsequent to the discontinuation of the Childcare Project, staff determined that closure of Lathrop Street was no longer necessary; and WHEREAS, street improvements are required at the intersection of Lathrop and Maple Streets ("Lathrop Improvements"); and WHEREAS, lAC has submitted a proposal to complete the Lathrop Improvements under the terms and conditions of the Agreement if they are reimbursed seventy five thousand, thirty eight dollars ($75,038); and WHEREAS, Agency will seek to recover from subsequent developers of the Shea-Franklin Street Project Site, the amount of reimbursement granted under this First Amendment; and WHEREAS, lAC and Agency desire to enter into this First Amendment providing for Agency's reimbursement to lAC of an amount equal to the lesser of (i) the sum of seventy five thousand, thirty eight dollars ($75,038), or the actual costs for the construction of the contemplated improvements. NOW, THEREFORE, in consideration of these recitals and the mutual covenants contained herein, the Parties agree as follows: 1. lAC will complete the Lathrop Improvements which are described in the attached Exhibit A, which is incorporated herein by reference under the same terms and conditions of the Agreement. 2. The Agency will reimburse lAC an amount equal to the lesser of (i) the sum of seventy five thousand, thirty eight dollars ($75,038), or the actual costs for the construction of the Lathrop Improvements. 3. All other provisions of the Agreement will remain in full force and effect. /// /// /// /// /// F:AttyAgr/amend1 .irvinereimb 102502 2