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ATTY/RESO.0079/CC RESO SECOND AMENDMENT TO LEVEE AGREEMENT <br />REV: 10-15-25 VR <br />Page 2 of 2 <br />Agreement) to HCP and Met Life from certain excess reserve funds held by City within <br />City of Redwood City Community Facilities District No. 2020-1 (“CFD”); and <br /> <br />WHEREAS, the parties desire to amend the Agreement to (i) allow City to retain <br />all reserve funds held within the CFD to fund certain necessary capital repairs identified <br />during construction of the Levee Improvements, including repairs to riprap, (ii) delete the <br />provisions regarding the Initial Acquisition Price Payment, and (iii) provide for payment of <br />the entire Levee Improvements Acquisition Price in annual installments over a period of <br />15 years exclusively from the proceeds of the capital CFD special taxes to be paid by Met <br />Life and HCP and/or their successors; and <br /> <br />WHEREAS, the contemplated riprap repair work is categorically exempt under <br />Sections 15301, 15302 and 15304 of the State CEQA Guidelines, 14 CCR §§ 15000, et <br />seq. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />1. The City Council hereby approves and authorizes the City Manager or <br />designee to execute the Second Amendment attached hereto as Exhibit A, subject to <br />approval of the City Attorney, with such minor conforming, technical, or clarifying changes <br />or revisions as may be agreed to and approved by the City Attorney, which do not <br />materially increase the obligations of the City thereunder. <br /> <br />2. This resolution shall become effective immediately upon its adoption. <br /> <br /> <br /> <br />* * * <br />