Laserfiche WebLink
REPORT- <br />. <br />To the Honorable- Mayor and City Council <br />and the Redeye! mel}t,Agency Boa d <br />From the City Manager anI t� ecutive Director <br />September 22, 2003 <br />Subject <br />Second Implementation Agreement for Amended and Restated Disposition and <br />Development Agreement for Downtown Retail- Cinema and Parking Project <br />Recommendation <br />Approve a Second Implementation Agreement with the City of Redwood City, the <br />Redevelopment Agency and BFIV Innisfree Ventures I, LLC, developers of the project, for <br />the Amended and Restated Disposition and Development Agreement for the Downtown <br />Retail- Cinema and Parking Project and authorize the City Manager and the <br />Redevelopment Manager to execute same. <br />Background <br />On December 9, 2002, the City Council and Redevelopment Agency approved an <br />Amended and Restated Disposition and Development Agreement (DDA) with BHV <br />Innisfree Ventures I, LLC, for development of the Downtown Retail- Cinema and Parking <br />Project (executed January 8, 2003). <br />On February 24, 2003, the First Implementation Agreement was approved which <br />authorized the City to proceed with the eminent domain proceedings for acquisition of the <br />properties located in the block of the proposed project. That process is underway. <br />This Second Implementation Agreement deals with two separate issues: <br />1. When the $7.5M developer payment for the air rights parcel occurs, and <br />2. When the developer should repay to the City the cost of abatement and demolition <br />of buildings on the site. <br />Each of these issues will be discussed separately. <br />Webb /cls /CD /Agenda: Second Implementation Agreement <br />091603 <br />