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City Manager Everett responded that the alignment chosen was because it would not call for closing the downtown to run down Jefferson. The difference between the two alignments is $600,000.00, the culvert being put in is $3,600,000.00, and in a related item on the Agency agenda; the $3,700,000.00 figure is simply to allow for a $1,000.00 contingency. 6.2 Section - Resolutions D. M/S Howard /Pierce to approve the first Amendment to the Construction and reimbursement Agreement with BHV Innisfree Ventures I, LLC, developers of the Downtown - Retail- Cinema project, for demolition of an existing culvert and construction of a new concrete box culvert in order to allow for future construction of an underground public parking garage beneath the retail- cinema project and authorize the City Manager and the Redevelopment Agency Executive Director to make any non - substantive changes and execute same. The motion passed by a unanimous roll call vote by those present, with Vice Mayor Ira abstaining due to conflict of interest and Council Member Jordan absent. (304) MINUTE ORDER 03 -70 Rudy Luca asked for confirmation that this item refers to the cost of $3,700,000.00. Mayor Claire confirmed that amount. E. Appropriation of funds for property acquisition of properties located in the Underground Public Parking Garage and Downtown Retail- Cinema project site. Rudy Luca asked if this pertains to the eminent domain action or the garage. City Manager Everett stated that money was transferred into a City account for obtaining the properties. Upon completion of that process and the floating of a bond by the Redevelopment Agency, the Agency will pay the City back the $8,000,000.00. The developer, upon completion of two- thirds of construction of the garage, will pay the Redevelopment Agency $7,500,000.00. If it costs $7,500,000.00 to obtain all the properties, then there will be no cost, if it is more than that, there will be some cost. Adopt RESOLUTION 14519 ESTABLISHING LOAN AGREEMENT AND TRANSFERRING THE SUM OF EIGHT MILLION DOLLARS ($8,000,000) FROM THE REDWOOD CITY WATER FUND, INTERNAL SERVICES FUND, AND SELF - INSURANCE FUND TO THE REDWOOD CITY CAPITAL PROJECTS FUND. (502) CONVENE THE REDEVELOPMENT AGENCY MEETING REGULAR CITY COUNCIL MEETING AGENDA ?4, 2003 PAGE 6 MINUTES Book No. 59 Page No. 422