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<br />1·8 <br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />And the Redevelopment Agency Board <br />From the Ci Mana er and the Executive Director <br /> <br />November 8, 2004 <br /> <br />Subject <br />First Amendment to Construction and Reimbursement Agreement for Underground <br />Public Parking Garage in the Downtown area. <br /> <br />Recommendation <br />Approve Amendment No. One to the Construction and Reimbursement Agreement, in <br />substantially the same form as attached, with On Broadway Redwood City, LLC, a <br />California limited liability company (assignee of BHV Innisfree Ventures I, LLC), developers <br />of the Downtown Retail-Cinema project, for demolition of existing buildings and parking <br />lots, coordination of utility relocations, and construction of a new underground public <br />parking garage beneath the future retail-cinema project and authorize the City Manager <br />and the Redevelopment Agency Executive Director to execute same. <br /> <br />Background <br />On December 9,2002, the City Council and Agency Board approved an Amended and <br />Restated Disposition and Development Agreement (DDA) with On Broadway Redwood <br />City, LLC (assignee of BHV Innisfree Ventures I, LLC) for development of a proposed <br />underground public parking garage and downtown retail-cinema project. (Executed on <br />January 8,2003.) <br /> <br />On October 13, 2003, the City Council and the Agency Board approved a Construction and <br />Reimbursement Agreement with On Broadway Redwood City (assignee of BHV Innisfree <br />Ventures) to construct an underground downtown public parking facility. Because the <br />design and construction of the underground public parking garage is integrally related to <br />the design and construction of the retail-cinema project directly above, the developers have <br />managed the construction of this portion of the project per this agreement. <br /> <br />The City Council/Agency Board approved a construction budget of $16,730,000 which was <br />based on best estimates at the time. Final construction documents were not complete and <br />the bid process had not been performed. Subsequently, the construction documents were <br />finalized and bids have been received. <br /> <br />11/3/2004 <br /> <br />Page 1 of 3 <br />