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ATTY/RESO.0079/CC RESO SECOND AMENDMENT TO LEVEE AGREEMENT
<br />REV: 10-15-25 VR
<br />Page 1 of 2
<br />RESOLUTION NO. 16361
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD
<br />CITY APPROVING A SECOND AMENDMENT TO THE LEVEE
<br />FINANCING AND IMPROVEMENT AGREEMENT AMONG THE CITY OF
<br />REDWOOD CITY, HCP LS REDWOOD CITY, LLC, METROPOLITAN
<br />LIFE INSURANCE COMPANY, AND SEAPORT CENTRE OWNERS’
<br />ASSOCIATION
<br />WHEREAS, Metropolitan Life Insurance Company (“Met Life”) is the fee owner of
<br />certain property located in the City of Redwood City on the Seaport Peninsula known as
<br />Seaport I comprised of Assessor Parcel Numbers 054-321-010, 054-321-020, 054-321-
<br />030, 054-321-040, 054-321-050, 054-321-060, 054-321-070, 054-320-080, 054-320-090,
<br />054-320-100, 054-320-110, 054-320-140, that certain property located on Seaport
<br />Peninsula known as Seaport II comprised of Assessor Parcel Numbers 054-320-210,
<br />054-320-220, 054-320-230, 054-320-240, 054-320-160, 054-320-250, 054-320-260 and
<br />054-320-300, and that certain property located on Seaport Peninsula comprised of
<br />Assessor Parcel Numbers 054-320-190 and 054-320-200 (collectively, “Met Life Seaport
<br />Centre”); and
<br />WHEREAS, HCP LS Redwood City, LLC (“HCP”) is the fee owner of certain
<br />property located in the City of Redwood City on Seaport Peninsula known as “Seaport III”
<br />comprised of Assessor Parcel Numbers 054-320-310, 054-320-320, 054-320-330, 054-
<br />320-340, 054-320-350, 054-320-360, 054-320-370, 054-320-380 and 054-320-390, and
<br />“Seaport IV” comprised of Assessor Parcel Numbers 054-320-400, 054-320-410, 054-
<br />320-420, 054-320-430, 054-320-440, 054-320-450 and 054-320-460 (collectively, “HCP
<br />Seaport Centre” and, collectively with Met Life Seaport Centre, “Seaport Centre”) and
<br />that certain property located on Seaport Peninsula known as Seaport Plaza comprised of
<br />Assessor Parcel Number 054-320-540 (“Seaport Plaza”); and
<br />WHEREAS, Seaport Centre Owners’ Association, a California corporation
<br />(“SCOA”) is a nonprofit mutual benefit corporation, incorporated under the laws of the
<br />State of California, with authority to act on behalf of Met Life and HCP with regard to
<br />Seaport Centre and Seaport Plaza in accordance with the Master Declaration of
<br />Covenants, Conditions and Restrictions for Seaport Centre, as amended; and
<br />WHEREAS, HCP, Met Life, SCOA and City have entered into a levee financing
<br />and improvement agreement dated October 27, 2020 as amended by that certain First
<br />Amendment to Levee Financing and Improvement Agreement dated December 13, 2021
<br />(as amended, the “Agreement”), providing, among other things, for the construction and
<br />financing of the “Levee Improvements” as defined in the Agreement and the City’s
<br />acquisition of the Levee Improvements, following SCOA’s satisfactory completion thereof,
<br />pursuant to a purchase and sale agreement by and among the parties (“PSA”); and
<br />WHEREAS, the Agreement contemplated that upon close of escrow pursuant to
<br />the PSA, City would make an Initial Acquisition Price Payment (as defined in the
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