AgdaPkt 2003-09-22 - Laserfiche WebLink

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12. STAFF REPORTS — CITY COUNCIL AND REDEVELOPMENT AGENCY A. Amendment to the loan agreement between the City of Redwood City and the Redwood City Rede!elopment Agency Staff contact: Susan Moeller, Redevelopment Manager 780 -7240 smoeller0redwoodcitv.oro Recommendation: Approve the amendment to the loan agreement between the City of Redwood City (City) and the Redwood City Redevelopment Agency (Agency) adjusting the interest rate to an amount equal to the City's actual rate of return. B. Construction and Reimbursement Agreement for Underground Public Parking Garage in the Downtown area Staff contact: Pat Webb, Economic Development Coordinator 780 -7293 gatwebb(a)redwoodcitv.orq Recommendation: 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 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 C. Second Implementation Agreement for Amended and Restated Disposition and Development Agreement for Downtown Retail- Cinema and Parking Project Staff contact: Pat Webb, Economic Development Coordinator 780 -7293 patwebb0redwoodcitv.oro Recommendation: Approve a Second Implementation Agreement with the City of Redwood City, the Redevelopment Agency and BHV Innisfree Ventures, I, LLC, developers fo 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 execute same. JOINT REGULAR CITY COUNCIL SEPTEMBER 22, 2003 AND REDEVELOPMENT AGENCY MEETING AGENDA PAGE 7