RecDoc 2010-115130 (2) - Laserfiche WebLink

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EXHIBIT 3 AMENDED AND RESTATED INFRASTRUCTURE AND FINANCING PLAN (One Marina) This Amended and Restated Infrastructure and Financing Plan (this "Amended Plan ") dated as of September 27, 2010 (the effective date of the Ordinance adopting the First Amendment to the Agreement (defined below) and hereafter, the "Effective Date ") constitutes the revised Infrastructure and Financing Plan for the Revised Project described in that certain First Amendment to Development Agreement ( " First Amendment ") executed by and between R.C. Peninsula Park, LLC, a Delaware limited liability company ( " Developer ") and the City of Redwood City, a municipal corporation of the State of California ( " City ") dated as of the date hereof. The City and the Developer are collectively referred to herein as the "Parties ". The First Amendment modifies that certain Development Agreement executed by and between Developer and the City, dated as of February 13, 2008 (the "Original Agreement "). The Original Agreement as amended by the First Amendment is hereafter referred to as the "Development Agreement." Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the Development Agreement. 1. Purpose. The City and Developer acknowledge and agree that the Revised Project as approved by the City and consisting of up to 231 homes, designated open space, streets, walkways, waterfront esplanades and ancillary improvements, but without the originally - proposed hotel and community serving retail, will generate significantly less demand on the City's existing and planned infrastructure improvements. Based upon the Revised Project's diminished size and scope, this Amended Plan identifies the Developer's revised contribution to the public improvements and infrastructure (collectively, the "Improvements ") required to serve the Revised Project and other property in the surrounding area, describes the phasing for construction of such Improvements relative to the development of the Revised Project, and describes potential methods of financing such Improvements through a combination of Developer contributions, state and federal assistance, development fees and other financing mechanisms, including possible advances of funds by Developer and the possible formation of a Community Facilities District ( " CFD "), subject to reimbursement as set forth herein. This Amended Plan supersedes and replaces in its entirety the Infrastructure and Financing Plan included as Exhibit D to the Original Agreement. The Parties further understand and agree that the costs of the Bair Island Road Improvements referenced in this Amended Plan exceed Developer's allocable share of such costs and that the Excess Costs (as hereinafter defined) shall be collected from the owners of the Benefitted Properties (defined below) and all of said collections shall be applied as reimbursements in accordance with this Amended Plan. S:ATTY /AG R/2010.111/ EXH I B IT3 9/28/10 1