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ORIGINAL <br /> <br /> FIRST IMPLEMENTATION AGREEMENT <br /> TO <br /> AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT <br /> FOR DOWNTOWN RETAIL-CINEMA AND PARKING PROJECT <br /> <br />This First Implementation, Agreement to Amended and Restated Disposition and <br />Development Agreement (this Implementation Agreement ) is entered into as of Feb. <br />24, 2003, by and between the REDEVELOPMENT AGENCY OF THE CITY <br />OF REDWOOD CITY, a public body, corporate and politic (the "Agency"), the CITY OF <br />REDWOOD CITY, a charter city and municipal corporation (the "City') and BHV <br />INNISFREE VENTURES I, LLC, a California limited liability company, which Cinema <br />Square, LLC, a California limited liability company, and Blake Hunt Ventures I, LLC, a <br />'California limited liability company, are the sole members (the "Developer"). <br /> <br /> Recitals <br /> <br /> A. The Agency, City and Developer previously entered into an Amended and <br />Restated Disposition and Development Agreement for Downtown Retail-Cinema and <br />Parking Project on January 8, 2003 (the "DDA") pursuant to which the City and the <br />Agency agreed to provide certain assistance by assembling parcels and paying for the <br />construction of a public underground parking garage, in exchange for which the <br />Developer would develop a two-level retail-cinema project (collectively referred to herein <br />as the "Project"). <br /> <br /> B. In light of current conditions and circumstances and the further planning <br />and decisions of the parties, the Agency, City and Developer now desire to make <br />certain additional modifications to the DDA to clarify that either the Agency or the City <br />may perform certain obligations under the DDA. <br /> <br /> Agreements <br /> <br /> For good and valuable consideration, the receipt and sufficiency of which is <br />hereby acknowledged, the City, Agency and Developer hereby agree as follows: <br /> <br /> Section 1. Purpose of this Implementation A.qreement <br /> <br /> The purpose of this Implementation Agreement is to effectuate and implement <br />the DDA by making certain modifications necessary to reflect certain changes, in light of <br />current conditions and circumstances and the further planning and decisions of the <br />parties following execution of the DDA. <br /> <br /> Section 2. City Authority to Acquire Acquisition Parcels <br /> <br /> The City has the authority to acquire property by eminent domain for public <br />improvements. Because of pending litigation challenging the validity of the Amendment <br />to the Redevelopment Plan adopted by the City Council by Ordinance No. 2211 on July <br /> <br />F:AttyAgr/Agr. 099 <br />0219O3 <br /> <br /> <br />