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PRECONSTRUCTION, DESIGN AND REIMBURSEMENT <br /> AGREEMENT FOR DOWNTOWN UNDERGROUND PUBLIC PARKING FACILITY <br /> <br /> THIS PRECONSTRUCTION DESIGN AND REIMBURSEMENT AGREEMENT <br />(the "Agreement') is entered into this 6th day of June, 2003, by and between <br />the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, a public body, <br />corporate and politic (the "Agency"), the CITY OF REDWOOD CITY, a charter city and <br />municipal corporation (the "City"), and BHV INNISFREE VENTURES I, LLC, a California <br />limited liability company, in which Cinema Square, LLC, a California limited liability <br />company, and Blake Hunt Ventures I, LLC, a California limited liability company, are the <br />sole members (the "Developer"). <br /> <br /> Recitals <br /> <br /> A. The Agency is in the process of implementing the Redevelopment Plan for <br />Redevelopment Project #2, Redwood City Community Redevelopment Project (the <br />"Plan"). <br /> <br /> B. The Agency, Developer and the City entered into an Amended and <br />Restated Disposition and Development Agreement (the "DDA") for Downtown Retail- <br />Cinema and Parking Project (the "Project") on January 8, 2003, for the development of <br />a two-level retail-cinema project and an underground public parking facility (the "Public <br />Parking Facility") within an area defined in the DDA as the "Project Site." Terms defined <br />in the DDA shall have the same meaning when used in this Agreement. <br /> <br /> C. In approving the DDA, both the City and the Agency determined that it <br />would not be feasible or cost effective to competitively bid the Public Parking Facility <br />portion of the Project because the Public Parking Facility will be located directly beneath <br />the private improvements to be developed by Developer on an air rights parcel. As a <br />result, the public and private portions of the Project will be structurally and physically <br />interrelated with each other. As specified in the DDA, a necessary component is the <br />design and construction of the Public Parking Facility on the Project Site. <br /> <br /> D. Pursuant to the DDA, the City has initiated the process for the acquisition <br />of portions of the Project Site with the property owners. <br /> <br />F:Atty/Agr/Agr. 119 <br />052003 1 <br /> <br /> <br />