Agmt04 BHV Innisfree - On Broadway RWC Parking Facilities Agmt

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ORIGINAL PARKING FACILITIES AGREEMENT II'}JIJ THIS P ~II'f1 FACILITIES AGREEMENT (this "Agreement") is entered into this / ~ day or V, ,2004 (the "Effective Date"), by and among the CITY OF REDWOOD CITY, a carter city and municipal corporation (the "City"), and ON BROADWAY REDWOOD CITY, LLC, a California limited liability company, in which BHV Innisfree Ventures I, LLC, a California limited liability company, and Buchanan Urban Investors, LLC, a California limited liability company, are the sole members (the "Developer", and together with the City, collectively, the "Parties"). RECIT ALS A. The Redevelopment Agency of the City of Redwood City ("The Agency") is in the process of implementing the Redevelopment Plan for Redevelopment Project #2, Redwood City Community Redevelopment Project (the "Plan"). B. The Agency, Developer and the City entered into an Amended and Restated Disposition and Development Agreement (the "DDA") for Downtown Retail-Cinema and Parking Project (the "Project") on January 8,2003, for the development of a two-level retail- cinema project and an underground public parking facility (the "Jefferson Garage") within an area defined in the DDA as the "Project Site". Except where expressly defined otherwise herein, capitalized terms used in this Agreement shall have the same meaning as set forth in the DDA. C. Pursuant to Section 518 of the DDA, the City and the Developer have incorporated into this Agreement the final agreement of the Parties with respect to the Retail/Cinema Parking Business Points attached to the DDA as Attachment 7, and have set forth certain standards for operation and maintenance of the Jefferson Garage. D. Developer, as landlord, and Century Theatres, Inc., as tenant (collectively with its permitted successors and assigns ("Century") have entered into a certain Lease Agreement dated March 18,2002 (as amended and/or restated from time to time, the "Cinema Lease") for certain premises within the Project (herein, the "Cinema"). The Cinema Lease and the development of the Cinema thereunder are integral to the Project and the City will receive substantial economic and other benefits from the Cinema and Project. E. The purpose of this Agreement is to ensure that sufficient parking is available in the downtown to support both the Project and the rest of the downtown businesses. The viability and success of the project and the businesses therein depends upon the sufficiency of available parking and other protections and undertakings set forth in this Agreement. The Parties are committed to this declared purpose and this Agreement is one, but not the only, tool for accomplishing this goal. An active, well parked downtown is in the best interest of the City, the Developer, Century and all other downtown businesses. Accordingly, the Parties agree as follows: Atty/Agr/Agr.194 062404