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8/9/99 <br /> ORIGINAL <br /> <br /> RESOLUTION NO. RD-99-29 <br /> <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION <br /> OF ADVANCE FUNDING AGREEMENT <br /> <br /> (DOWNTOWN RETAIL-CINEMA PROJECT) <br /> <br /> WHEREAS, an Exclusive Right to Negotiate ("ERN") has been entered <br />into between the Redevelopment Agency of the City of Redwood City, a public <br />body corporate and politic, Western Investment Real Estate Trust, a California <br />Business Trust and The Innisfree Companies, a California corporation for the <br />Downtown Retail-Cinema proposed project ("Project") within Redwood City <br />Redevelopment Project Area No. 2; and <br /> <br /> WHEREAS, the parties to the ERN recognize that, notwithstanding <br />negotiations in good faith, Agreement may not be achieved on a DDA; and <br /> <br /> WHEREAS, the parties to the ERN further recognize that the City cannot <br />grant any Project entitlements unless and until the parties do reach agreement <br />on a DDA and all requirements pertaining to granting such entitlements have <br />been satisfied; and <br /> <br /> WHEREAS, Western Real Estate Investment Trust and The Innisfree <br />Companies have formed Western Innisfree Ventures, LLC, a joint venture entity <br />for the Project (collectively, "Developer"); and <br /> <br /> WHEREAS, Developer desires to expedite activities of the Agency <br />relating to the ERN or which may ultimately relate to the Project, if a DDA is <br />entered into, by providing funding for such activities or related services, at <br /> <br />RD-017 1 <br />F;/Shared/Redwood/Council/Reso <br />DES:djk <br />07/27/99 <br /> <br /> <br />