AgdaPkt 2003-03-24 - Laserfiche WebLink

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6.2 D -5 AMENDMENTTO _ CONSTRUCTION AND REIMBURSEMENT AGREEMENT FOR RELOCATION OF REINFORCED CONCRETE BOX CULVERT THIS AMENDMENT TO CONSTRUCTION AND REIMBURSEMENT AGREEMENT (the "Amendment) is entered into this _ day of March, 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 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 I, 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, 2002, 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. The Agency and City authorized the City Manager and Redevelopment Agency Director to enter into a Construction and Reimbursement Agreement with Developer on February 24, 2003 (the "Agreement ") for the relocation of a reinforced box culvert. The parties mutually agree that certain clarifying changes should be made to the Agreement. 1. The first four sentences of Section 3 of the Agreement are hereby revised to read as follows: "3. Security. Developer shall cause all its contractors,. prior to the commencement of any construction on the Project Site, to furnish to City and Agency, and file with the City Clerk and Agency Secretary, a bond or instrument of credit of the kind described in Section 66499, at seq. of the California Government Code, securing the faithful performance of all work and the construction of the improvements mentioned in this Agreement (and listed above line 18 in Exhibit C of the Agreement) within the time herein specified. The amount of said security shall be Three Million Four Hundred Thirty -three Thousand Five Hundred Fifty Dollars ($3,433,550.00). Developer shall likewise cause all its contractors, prior to the commencement of any construction on the F:Atty /Agr /Amendculverl 031903 1