AgdaPkt 2003-10-13 - Laserfiche WebLink

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Vice-Mayor/Chairperson Ira abstaining and Council/Agency Member Jordan absent. MINUTE ORDER 03-231 RD MINUTE ORDER 03-27 B. Construction anc.+ Reimbursement Agreement for Underground Public Parking Garage in the Downtown area Economic Development Coordinator Webb explained the agreement and the minor revisions to the draft agreement M/S Hartnett/Howard to: 1. Authorize the City Manager and the Redevelopment Agency Executive Director to execute a Construction and Reimbursement Agreement with BHV Innisfree Ventures, I, LLC, developers of the Downtown Retail-Cinema project; for construction of an underground public parking garage. The agreement to be in substantial conformance with the recommendation with any revisions related to schedule, risk or budget impacts to come back for approval. Revisions presented to Council and approved at this time consist of Section D.4. — substitution of dollar amount ($102,000.00) with 3% of fee for services performed; Section H.2. — blank to be filled with "20" days; Section H.2.C. — 50% to be revised to 90%. 2. Appropriate $18.2M for the above from the $20M loan from the City to the Agency which will be paid back to the City from the Redevelopment Agency's bond as part of the Downtown Funding Plan. The motion passed by a majority voice vote by those present with Vice- Mayor/Chairperson Ira abstaining and Council/Agency Member Jordan absent. MINUTE ORDER 03-232 RD MINUTE ORDER 03-28 C. Second Implementation Agreement for Amended and Restated Disposition and Development Agreement for powntown Retail-Cinema and Parking Project Economic Development Coordinator Webb explained the second implementation agreement that deals with two separate issues: the $7.5 million developer payment for the air rights and when the developer should repay to the City the cost of abatement and demolition of buildings on the site. Recommendation: M/S Howard/Ruskin to approve a Second Implementation Agreement with the City of Redwood City, the Redevelopment Agency and BHV Innisfree Ventures, I, LLC, developers of the project, for the Amended and Restated Disposition and Development Agreement for the Downtown Retail-Cinema and Parking Project and authorize the City Manager and the Redevelopment Agency Executive Director to JOINT REGULAR CITY COUNCIL SEPTEMBER 22, 2003 AND REDEVELOPMENT AGENCY MEETING MINUTES PAGE 10