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RecDoc 2010-115130
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RecDoc 2010-115130
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Last modified
10/20/2010 2:00:33 PM
Creation date
10/20/2010 2:00:30 PM
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Recorded Docs
Recorded Docs - Type
Amendment
Subject
First Amendment to Development Agreement 1 Marina
Doc Num
2010-115130
Rec Date
10/1/2010
Address
One Marina
Parties
Redwood City and R.C. Peninsula Park, LLC
Reso Ref
14830
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for relocation of the RSW Pump Station and that said dedication completely and forever fulfills <br /> the Developer's obligation for the RSW Pump Station Bridge Element. <br /> The Developer's allocable share to be paid ratably for the Blomquist Bridge and /or Bridge <br /> Elements shall be $2,851.00 per Residential Equivalent. <br /> 8. Financing Sources. City and Developer agree to use best efforts to pursue state, <br /> federal and local sources of funds, including the Blomquist Bridge Fund, to assist in financing <br /> the Improvements. Without limiting the generality of the foregoing, City and Developer agree <br /> to cooperate in efforts to obtain financing through the Statewide Communities Infrastructure <br /> Program ( "SCIP "), the California Infrastructure and Economic Development Bank, and other <br /> sources including without limitation, the formation of a CFD. <br /> 9. Right -of -Way Acquisition. The Parties agree that neither Developer nor the <br /> developer(s) of the Hotel and community- serving retail space described in the Precise Plan shall <br /> have any obligation to acquire right -of -way for any Improvements, and that acquisition of any <br /> required right -of -way shall be City's responsibility. <br /> 10. Development Impact Fees. The Developer or the developer(s) of the Hotel and <br /> community- serving retail space described in the Precise Plan, as applicable, shall pay to City the <br /> impact fees listed for the purposes described in Attachment A (the "Development Impact <br /> Fees "). The Development Impact Fees shall be due and payable at the time of the issuance of <br /> building permits for the applicable phase of the Revised Project and Hotel and retail space for <br /> which building permits are issued, and at the rates in effect at that time. The amounts of the <br /> Development Impact Fees shown on Attachment A are for illustrative purposes only, as of the <br /> Effective Date of the Agreement, and are not intended to represent the actual Development <br /> Impact Fees that Developer or the developer(s) of the Hotel and community- serving retail space <br /> described in the Precise Plan would be required to pay during the Term of the Agreement, said <br /> actual fees to be determined at the time of issuance of each building permit. <br /> 11. Off -Site Improvement Costs. City agrees that the obligations of Developer and the <br /> developer(s) of the Hotel and community- serving retail space described in the Precise Planto <br /> pay their respective allocable share of the costs for each Improvement shall not be increased, <br /> provided that each such developer pays its allocable share of the costs related to each such <br /> Improvement in accordance with this Amended Plan at the time of issuance of certificates of <br /> occupancy for each dwelling unit constructed on the Property or at such other time specified in <br /> this Amended Plan. Notwithstanding anything to the contrary set forth herein, unless another <br /> source of financing is identified for such Improvements, and subject to reimbursement in <br /> accordance with this Amended Plan, Developer shall be obligated to initially fund, or construct <br /> and install, as determined by the City, the Bair Island Road Improvements (defined in Section 2 <br /> above) even if the cost of such improvements exceeds the Estimated Cost set forth in Section 2 <br /> above. <br /> S:ATTY /AG R/2010.111/EXH I BIT3 <br /> 9/28/10 7 <br />
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