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interest rate on the $3.2 million loan; removal of the due-on-sale clause; allowing <br /> Shores Childcare, LLC to enter into loans using this facility as collateral that will be <br /> junior to the City's position; and to reduce the initial rent threshold at which the <br /> City participates in sharing any excess rents equally with the owner from $4.50 per <br /> square foot to $3.50 per square foot. <br /> <br /> MIS Ruskin/Ira to approve the First Amendment to the Ground Lease with the <br /> Shores Childcare, LLC and authorize the City Manager to execute same. The <br /> motion passed by a unanimous voice vote. MINUTE ORDER 02-55 <br /> <br /> 7:25 P.M. - RECESS TO THE REDEVELOPMENT AGENCY MEETING <br /> (SEE SEPARATE MINUTES) <br /> <br /> 7:30 P.M. - RECONVENE THE REGULAR COUNCIL MEETING <br /> <br /> B. Approval of legal services agreement with McDonough, Holland and Allen, <br /> for representation related to redevelopment and City real property/land use <br /> services; (304) <br /> (Companion Item on Redevelopment Agency Agenda - Item 6.A) <br /> <br /> MIS Ira/Howard: <br /> · That both the Agency and the City approve a legal services agreement with <br /> McDonough, Holland and Allen and authorize the City Attorney/General <br /> Counsel to execute same; <br /> · That the Agency approves the use of funds already budgeted in the Agency <br /> general fund (807) for attorney services for costs associated with this <br /> agreement; <br /> · That the City approves the use of funds already budgeted in the City general <br /> fund for paralegal services for costs associated with this agreement. <br /> <br /> The motion passed by a unanimous voice vote. MINUTE ORDER 02-56 <br />9. WRITTEN COMMUNICATIONS- None <br />10. PUBLIC HEARING - <br /> <br /> A. Public Hearing to consider Proposed Development Agreement between the <br /> City of Redwood City and the Opfer (Owners) . 2233 Middlefleld Road, <br /> Redwood Clty;(6t3) <br /> <br /> Planning and Redevelopment Director Church explained the background and that <br /> in 1999 the Redevelopment Agency directed staff to begin looking for sites in <br /> order to provide affordable housing. The criteria were that the sites should be <br /> vacant, unused or underutilized land and that secondly, the site might have code <br /> <br />REGULAR COUNCIL MEETING FEBRUARY 25, 2002 <br />MINUTES PAGE 4 <br />MINUTES Book No. 59 <br />Page No. 106 <br /> <br /> <br />