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'- 03/24/03 <br /> ORIGINAL <br /> <br /> RESOLUTION NO. RD-03-78 <br /> <br /> A RESOLUTION OF THE CITY OF REDWOOD CITY <br /> REDEVELOPMENT AGENCY APPROPRIATING THE SUM OF THREE <br /> MILLION SEVEN HUNDRED THOUSAND DOLLARS ($3,700,000) FOR <br /> THE COST OF RELOCATING AND CONSTRUCTING A REINFORCED <br /> CONCRETE BOX CULVERT IN THE DOWNTOWN AREA. <br /> <br /> WHEREAS, on or about December 9, 2002, the Redwood City Redevelopment <br /> Agency and the City of Redwood City approved an Amended Disposition and <br /> Development Agreement with BHV Innisfree Ventures I, LLC (hereinafter referred to as <br /> the "Amended and Restated DDA," which is on file with the City Clerk of the City of <br /> Redwood City, and which is incorporated herein by reference) for the construction and <br /> development of a public parking structure and retail/cinema project on a site which is <br /> bounded by Middlefield, Jefferson and Broadway in the City of 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 a Construction and <br /> Reimbursement Agreement for relocation of a reinforced concrete box culvert in the <br /> downtown area with BHV Innisfree Ventures I, LLC, the developer of the underground <br /> public parking garage and the Retail-Cinema Project. <br /> WHEREAS, the design and construction of the new culvert is integrally related to <br /> the design and construction of the public parking garage and therefore it is structurally <br /> and physically impracticable and more economical to have the developer manage the <br /> construction of this portion of the public parking garage project. <br /> WHEREAS, it is necessary for the Redevelopment Agency Board to appropriate <br /> those funds necessary to pay for the construction and relocation of the concrete box <br /> culvert. <br /> <br /> F:Atty/Reso/Reso. 1381 1 <br /> 03/19/03 <br /> <br /> <br />