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Page 5 of 7 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org abandoned. For example, the inland portion of the Seaport Centre Levee located along Seaport Plaza’s southern border will be abandoned. The Streets and Highway Code Section 8333 authorizes the summary vacation of public easements by a resolution of City Council. Once completed, the summary vacation will relinquish the City’s interest in the easement vacation area. The easement area proposed for summary vacation is more particularly described in a legal description and plat map attached to this report as exhibits to the proposed resolution. A one-page diagram of the easement vacation area is also attached as Attachment E. Levee Financing and Improvement Agreement Amendment As mentioned above, the LFIA and Form Purchase Contract require City to make an initial payment after accounting for projected capital repairs to Wet Utilities (which would be held in a CFD reserve account for Wet Utilities, as required by the CFD formation resolution). A CFD reserve account for the New Levee would be funded during the budget process for the first fiscal year after acceptance of the New Levee. During construction, the parties discovered that in certain areas, the existing riprap portions of the Seaport Centre Levee needed restoration. The work was postponed due to cost. Following completion of construction of the New Levee, City commissioned the Seaport Center Community Facilities District Levee Repair and Replacement Plan dated June 25, 2024, prepared by BKF Engineers (“Levee Repair and Replacement Plan”). The Levee Repair and Replacement Plan recommends the installation within five years of additional rip rap along the Redwood Creek channel and across from the Redwood City, at a total estimated cost of $2,660,000. The present, unaudited amount of funds in the Maintenance District’s Maintenance Reserve account is $3,016,176. The City does not have another source of funding for the riprap upgrades and the riprap upgrades are urgent. There are insufficient funds to make an initial payment to acquire the New Levee, reserve funds for repairs of Wet Utilities, and perform the riprap upgrades. Based on a condition report for the Wet Utilities that BKF Engineers prepared in 2021, staff have determined that many of the proposed improvements to the Wet Utilities are minor upgrades and may be annually incorporated into the Wet Utilities operations and maintenance budgets. Larger capital improvement projects for the Wet Utilities are not anticipated in the short-term and will be planned and incorporated in future budget planning cycles. The Form Purchase Contract and LFIA allow HCP and MetLife to waive the initial payment. HCP and MetLife are willing to waive the initial payment and to allow City to use the funds in the Maintenance District’s reserve accounts for the riprap work described above instead of repairs to Wet Utilities. City staff is proposing to enter into the Second Amendment to the LFIA to memorialize this agreement. FISCAL IMPACT No net impact to the General Fund is anticipated. CFD formation costs and costs associated with designing, constructing, accrediting, and acquiring the New Levee were initially borne by HCP, MetLife and SCOA, 8.C. - Page 5 of 117 195