AgdaPkt 2003-02-24 - Laserfiche WebLink

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10k i REPORT To the Honorable Mayor and City Council And the Redevelopment Agency Board From the Citv Manager and the Executive Director February 24, 2003 Subject Implementation Agreement for Amended and Restated Disposition and Development Agreement for Downtown Retail- Cinema and Public Parking Project Recommendation Approve an Implementation Agreement with the City of Redwood City, the Redevelopment Agency and BHV Innisfree Ventures I, LLC, developers of the project, for the Amended and Restated Disposition and Development Agreement for the Downtown Retail- Cinema and Public Parking Project and authorize the City Manager and the Redevelopment Agency Executive Director to execute same. Background On December 9, 2002, the City Council and Redevelopment Agency approved an - Amended and Restated Disposition and Development Agreement (DDA) with BHV Innisfree Ventures I, LLC for development of the Downtown Retail- Cinema and Public Parking Project. The project area boundary is as follows: • 2100 block of Broadway bounded by Broadway, Jefferson, and Middlefield Road (referred to as Block One) One component of the project contemplated by the DDA is acquisition of Block One and construction of a two level public parking garage at that location. We are now ready to begin the process of consideration of initiation of proceedings to acquire the properties in Block One by eminent domain. Both the Agency and the City have the legal power to acquire property for a public parking garage, but the City Attorney has advised us that a legal action is pending challenging the continued existence of the Agency's eminent domain power. Although Agency counsel believes the legal challenge will be unsuccessful, it may take several months to resolve the legal issues regarding the Agency's eminent domain power. Rather than delay the acquisition process, staff and the City Attorney recommend that the Agency and the City enter into an Implementation Agreement that would authorize the acquisition process to be conducted by the City instead of the Agency. The City clearly has the legal power to exercise eminent domain for the purpose of constructing a public parking garage and no legal challenges to that power are pending. The City action is appropriate also because the City is intended to be the long term owner and operator of the public parking garage.