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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 Redevelopment Agency (304) Redevelopment Manager Moeller explained the amendment. Recommendation: M/S Hartnett/Howard to 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. The motion passed by a majority voice vote by those present with Vice - Mayor /Chairperson Ira abstaining and Council /Agency Member Jordan absent. MINUTE ORDER 03 -231 RD MINUTE ORDER 03 -27 B. Construction and Reimbursement Agreement for Underground Public Parking Garage in the Downtown area (100) Economic Development Coordinator Webb explained the agreement and the minor revisions to the draft agreement M/S Hartnett/Howard to: 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. The agreement to be in substantial conformance with the recommendation with any revisions related to schedule, risk or budget impacts to come back for approval. Revisions presented to Council and approved at this time consist of Section DA. — substitution of dollar amount ($102,000.00) with 3% of fee for services performed; Section H.2. — blank to be filled with "20" days; Section H.2.C. — 50% to be revised to 90 %. 2. 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. The motion passed by a majority voice vote by those present with Vice - Mayor /Chairperson Ira abstaining and Council /Agency Member Jordan absent. MINUTE ORDER 03 -232 RD MINUTE ORDER 03 -28 JOINT REGULAR CITY COUNCIL SEPTEMBER 22, 2003 AND REDEVELOPMENT AGENCY MEETING MINUTES PAGE 10 MINUTES Book No. 60 Page 68