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Vice Mayor Ira left the dais due to a conflict of interest as stated previously. 10. STAFF REPORTS — CITY COUNCIL AND /OR REDEVELOPMENT AGENCY A. Implementation Agreement for Amended and Restated Disposition and Development Agreement for Downtown Retail- Cinema and Public Parking Project. (JOINT CITY COUNCIUREDEVELOPMENT AGENCY) Economic Development Coordinator Webb gave the background and stated that one of the components approved in the amended and restated DDA is acquisition of Block I to construct a two -level underground parking garage in that location. It is now time to initiate proceedings in acquiring that property by eminent domain. The City Attorney has advised staff that there is a legal action pending that challenges the continued existence of the Agency's eminent domain power. Rather than delay the project, the process of acquisition needs to begin now. Staff encouraged Council to move forward with the Implementation Agreement to go forward with the property acquisition. Public Comment: Don Wilson spoke on behalf of other speakers. He stated that Council will be committed to the project after approving the Implementation Agreement. He stated that the situation is a different place than it was a few years ago. He stated the cost of the parking garage to the Redwood City citizens amounts to almost one year's total budget, $62,585,000.00, and that if the Council commits to the project without a commitment that the Redevelopment funds will be available is a concern. If the Redevelopment Agency's ability to issue debt is restricted or eliminated, the City's General Fund would then be the only likely source to issue bonds for the Retail /Cinema project parking garage. Within the General Fund, the only source of funding would be the City's Utility Users Tax which would result in the City eliminating or deferring almost one half of the Capital projects funded annually from the Utility Users Tax. He asked that the item be continued. Kate Eckardt stated that she would like to readdress the water issue and that it is pertinent to this subject. She suggested information be placed on the website and that we need to pay attention now to what is going on. James Knapp stated that he has been an inspector at the S.F. Airport and has seen cost overruns. He further stated that the water table is a problem because of the clay in the soil and impacts the cost. Council comments were made on the topic. M/S Hartnett/Howard to approve an Implementation Agreement with the City of Redwood City, the Redevelopment Agency and BHV Innisfree Ventures I, LLC, JOINT CITY COUNCIUREDEVELOPMENT AGENCY MEETING FEBRUARY 24, 2003 MINUTES PAGE 6