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ATTY/RESO.0080/CC RESO ACCEPTANCE LEVEE IMPROVEMENTS REV: 10-17-25 VR Page 1 of 3 RESOLUTION NO. 16359 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY ACCEPTING AS COMPLETE THE LEVEE AND RELATED FLOOD PROTECTION FACILITIES ON SEAPORT PLAZA AND THE MODIFIED LEVEE AND RELATED FLOOD PROTECTION FACILITIES ON SEAPORT CENTRE WHEREAS, between 1984 and 1986, the then owners of Seaport Centre located on Seaport Peninsula constructed and thereafter dedicated to the City of Redwood City (“City”) certain levee and related flood protection improvements and facilities protecting the Seaport Centre property and certain adjacent City-owned property located on Seaport Peninsula comprised of Assessor Parcel Numbers 054-320-040, 054-320-500, and 054- 320-510 (“Seaport Centre Levee”); and WHEREAS, the adjacent properties on Seaport Peninsula commonly known as Seaport Plaza were not included within the boundaries of the Seaport Centre Levee; and WHEREAS, based on the Federal Emergency Management Agency (“FEMA”) updated 2019 flood hazard maps, the Seaport Centre and Seaport Plaza properties are now included in a Special Flood Hazard Area in the 2019 Flood Insurance Rates Maps (“FIRMs”); and WHEREAS, as a result of FEMA’s updated FIRMs, Metropolitan Life Insurance Company and HCP LS Redwood City, LLC, the current owners of Seaport Centre and Seaport Plaza, (collectively, the “Owners”) anticipated incurring substantially higher flood insurance costs unless the existing Seaport Centre Levee could be raised and improved and also extended to provide flood protection for Seaport Plaza; and WHEREAS, to mitigate the impact of increased insurance costs, Owners and their property owners’ association, Seaport Centre Owners’ Association (“SCOA”), requested the City work with Owners to provide a mechanism for the potential improvement and expansion of the existing Seaport Centre Levee; and WHEREAS, on October 26, 2020 the City Council of the City of Redwood City (“City”) adopted Resolution No. 15900 approving a Levee Financing and Improvement Agreement (“Levee Agreement”) by and among City, SCOA and Owners, providing, among other things, for (i) SCOA to design and construct a levee and related flood protection facilities along the perimeter of Seaport Plaza and improvements to or replacements of the existing Seaport Centre Levee (collectively, the “Levee Improvements”), and (ii) for City to acquire such Levee Improvements from Owners following SCOA’s satisfactory completion thereof pursuant to a Purchase Contract consistent with the form attached to the Levee Agreement. Capitalized terms that are not defined herein have the meanings given to them in the Levee Agreement; and