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O R I G I N A L <br />RESOLUTION NO. 14519 <br />03/24/03 <br />RESOLUTION ESTABLISHING LOAN AGREEMENT AND <br />TRANSFERRING THE SUM OF EIGHT MILLION DOLLARS <br />($8,000,000) FROM THE REDWOOD CITY WATER FUND, <br />INTERNAL SERVICES FUND, AND SELF - INSURANCE FUND TO <br />THE REDWOOD CITY CAPITAL PROJECTS FUND. <br />WHEREAS, on or about December 9, 2002, the Redwood City <br />Redevelopment Agency and the City of Redwood City approved an Amended <br />Disposition and Development Agreement with BHV Innisfree Ventures I, LLC <br />(hereinafter referred to as the "Amended and Restated DDA," which is on file <br />with the City Clerk of the City of Redwood City, and which is incorporated herein <br />by reference) for the construction and development of a retail /cinema project on <br />a site which is bounded by Middlefield, Jefferson and Broadway in the City of <br />Redwood City; and <br />WHEREAS, on or about February 24, 2003, the City Council and the <br />Redevelopment Agency of the City of Redwood City approved an <br />Implementation Agreement with BHV Innisfree Ventures I, LLC, which authorized <br />the City of Redwood City to acquire all real properties within the retail /cinema <br />project area for the construction of a downtown public parking facility to be <br />owned and operated by the City of Redwood City; and <br />WHEREAS, on or about February 24, 2003, the City of Redwood City <br />adopted Resolutions of Necessity (Nos. 14506, 14507, 14508, 14509, 14510, <br />and 14511) with respect to the need of the City of Redwood City to acquire all of <br />F:Atty /Reso /Reso.1375 1 <br />03/03/03 <br />