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<br />CONSTRUCTION AND REIMBURSEMENT AGREEMENT <br />FOR DOWNTOWN PUBLIC PARKING FACILITY <br />THIS CONSTRUCTION AND REIMBURSEMENT AGREEMENT (the "Agreement') is <br />entered into this day of d(:'t~~ l , 2003, by and between the REDWOOD <br />CITY REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency"), <br />the CITY OF REDWOOD CITY, a charter city and municipal corporation (the "City"), <br />and BHV INNISFREE VENTURES I, LLC, a California limited liability company, in which <br />Cinema Square, LLC, a California limited liability company, and Blake Hunt Ventures I, <br />LLC, a California limited liability company, are the sole members (the "Developer"). <br />Recitals <br />A. The Agency is in the process of implementing the Redevelopment Plan for <br />Redevelopment Project #2, Redwood City Community Redevelopment Project (the <br />"Plan"). <br />B. The Agency, Developer and the City entered into an Amended and <br />Restated Disposition and Development Agreement (the "DDA") for Downtown Retail- <br />Cinema and Parking Project (the "Project") on January 8, 2003, for the development of <br />a two-level retail-cinema project and an Public Parking Facility (the "Public Parking <br />Facility") within an area defined in the DDA as the "Project Site." Terms defined in the <br />DDA shall have the same meaning when used in this Agreement. <br />C. In approving the DDA, both the City and the Agency determined that it <br />would not be feasible or cost effective to competitively bid the Public Parking Facility <br />portion of the Project because the Public Parking Facility will be located directly beneath <br />the private improvements to be developed by Developer on an air rights parcel. As a <br />result, the public and private portions of the Project will be structurally and physically <br />interrelated with each other. As specified in the DDA, construction of the Public Parking <br />Facility on the Project Site is a necessary component of the Project. <br />D. As specified in the DDA, Developer will construct the Public Parking <br />Facility, and is responsible for overseeing the design, development and construction of <br />Atty/Agr/Agr.147 <br />101403 Final <br />L. Beck ~ <br />