AgdaPkt 2003-09-22 - Laserfiche WebLink

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. n8 -5 CONSTRUCTION AND REIMBURSEMENT AGREEMENT FOR DOWNTOWN UNDERGROUND PUBLIC PARKING FACILITY THIS CONSTRUCTION AND REIMBURSEMENT AGREEMENT (the "Agreement') is entered into this _ day of , 2003, by and between the REDWOOD CITY REDEVELOPMENT AGENCY, a pu body, corporate and politic (the "Agency "), the CITY OF REDWOOD CITY, arter city and municipal corporation (the "City"), and BHV INNISFREE VENT C, a California limited liability company, in which Cinema Square, LLC, a ifomia li liability company, and Blake Hunt Ventures I, LLC, a Califom' ited liability co are the sole members (the "Developer"). a, A. The Agency is in the g.&es of impl ting the Redevelopment Plan for Redevelopment Project #2, RedCommu edevelopment Project (the "Plan "). B. The Agengr�3Qyeloper 3 WCi )� -ered into an Amended and Restated Dispositiorrand Development Adi (the "DDA ") for Downtown Retail - Cinema and ParkmgProject (th�Project ") "oa= January 8, 2003, for the development of a two -level retail -cinerga op and er ground public parking facility (the "Public Parking Facilv-) within Ei�ea defined in the DDA as the "Project Site." Terms defined in the DDA shall hav4$� same when used in this Agreement. C._ In approvf44he DDA, both the City and the Agency determined that it would not be- feasible or co st effective to competitively bid the Public Parking Facility portion of the Project becaiJse the Public Parking Facility will be located directly beneath the private improvements to be developed by Developer on an air rights parcel. As a result, the public and private portions of the Project will be structurally and physically interrelated with each other. As specified in the DDA, construction of the Public Parking Facility on the Project Site is a necessary component of the Project. D. As specified in the DDA, Developer will construct the Public Parking Facility, and is responsible for overseeing the design, development and construction of