AgdaPkt 2003-02-24 - Laserfiche WebLink

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10-e-3 CONSTRUCTION AND REIMBURSEMENT AGREEMENT FOR RELOCATION OF REINFORCED CONCRETE BOX CULVERT THIS CONSTRUCTION AND REIMBURSEMENT AGREEMENT (the "Agreement') is entered into this day of 2003, by and between the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, a public body, corporate and politic, (the "Agency "), the CITY OF REDWOOD CITY, a charter city and municipal corporation (the "City"), and BHV INNISFREE VENTURES I, LLC, a California limited liability company, in which Cinema Square, LLC, a California limited liability company, and Blake Hunt Ventures 1, LLC, a California limited liability company, are the sole members (the "Developer"). Recitals A. The Agency is in the process of implementing the Redevelopment Plan for Redevelopment Project #2, Redwood City Community Redevelopment Project (the "Plan "). B. The Agency, Developer and the City entered into an Amended and Restated Disposition and Development Agreement (the "DDA ") for Downtown Retail - Cinema and Parking Project (the "Project ") on January 8, 2003, for the development of a two -level retail- cinema project and an underground public parking facility (the "Public Parking Facility ") within an area defined in the DDA as the "Project Site." C. In approving the DDA, both the City and the Agency determined that it would not be feasible or cost effective to competitively bid the Public Parking Facility portion of the Project because the Public Parking Facility will be located directly beneath the private improvements to be developed by Developer on an air rights parcel. As a result, the public and private portions of the Project will be structurally and physically interrelated with each other. As specified in the DDA, a necessary component of the Public Parking Facility development is the relocation of a reinforced concrete box culvert (RCBC) on the Project Site. D. Pursuant to the DDA, the City has initiated the process for the acquisition of portions of the Project Site with the property owners. Agreements 1. Acquisition of Project Site This Agreement is expressly conditioned upon the acquisition by the City, including, if applicable, order(s) of prejudgment possession, of the remainder of the Project Site.; provided, however, that in the event City is unable to acquire the Project Site, this Agreement shall terminate and City shall reimburse Developer for pre- construction design costs incurred by Developer as of the date of termination. F:Atty /Agr /Agr.100 021903