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Co. 2 D -3 <br />RESOLUTION NO. <br />A RESOLUTION OF THE CITY OF REDWOOD CITY <br />REDEVELOPMENT AGENCY APPROPRIATING THE SUM OF THREE <br />MILLION SEVEN HUNDRED THOUSAND DOLLARS ($3,700,000) FOR <br />THE COST OF RELOCATING AND CONSTRUCTING A REINFORCED <br />CONCRETE BOX CULVERT IN THE DOWNTOWN AREA. <br />WHEREAS, on or about December 9, 2002, the Redwood City Redevelopment <br />Agency and the City of Redwood City approved an Amended Disposition and <br />Development Agreement with BHV Innisfree Ventures I, LLC (hereinafter referred to as <br />the "Amended and Restated DDA," which is on file with the City Clerk of the City of <br />Redwood City, and which is incorporated herein by reference) for the construction and <br />development of a public parking structure and retail /cinema project on a site which is <br />bounded by Middlefield, Jefferson and Broadway in the City of Redwood City; and <br />WHEREAS, on or about February 24, 2003, the City Council and the <br />Redevelopment Agency of the City of Redwood City approved a Construction and <br />Reimbursement Agreement for relocation of a reinforced concrete box culvert in the <br />downtown area with BHV Innisfree Ventures I, LLC, the developer of the underground <br />public parking garage and the Retail- Cinema Project. <br />WHEREAS, the design and construction of the new culvert is integrally related to <br />the design and construction of the public parking garage and therefore it is structurally <br />and physically impracticable and more economical to have the developer manage the <br />construction of this portion of the public parking garage project. <br />WHEREAS, it is necessary for the Redevelopment Agency Board to appropriate <br />those funds necessary to pay for the construction and relocation of the concrete box <br />culvert. <br />F:Atty /Reso /Reso.1381 <br />03/19/03 <br />