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<br />FIRST AMENDED AGREEMENT BETWEEN BAYSIDE BC, LP, AND <br />CITY OF SAN LEANDRO REGARDING FUNDING FOR CONSTRUCTION OF <br />INTERSECTION IMPROVEMENTS <br /> <br />This FIRST AMENDED AGREEMENT is entered into this 7tl1 day of <br />November 2006, between the City of San Leandro, a municipal corporation ( <br />"CITY) and Bayside BC, LP, a California Limited Partnership ("DEVELOPER"). <br /> <br />RECITALS <br /> <br />A. City and Developer have entered into an Agreement dated March <br />30, 2003 ("ORIGINAL AGREEMENT" ) whereby the Developer has agreed to <br />advance funds to City to be used for the design and construction of the <br />intersection improvements at the Davis/Doolittle intersection <br />( "IMPROVEMENTS"). <br /> <br />B. The Original Agreement set forth the terms and methodology for <br />the Developer to advance funds to the City for the design and construction of the <br />improvements and set forth the methodology to be used by the City to reimburse <br />Developer for the funds advanced. <br /> <br />C. The City and Developer have determined that it is in the best <br />interest of both parties to amend the Original Agreement to forego Developers <br />obligation and responsibility to advance funds to City and to further provide for a <br />one time cash in-lieu of advance payment to satisfy and discharge the <br />Developer's obligations under the Original Agreement. <br /> <br />AGREEMENT <br /> <br />NOW, THEREFORE, City and Developer agree to amend the Original <br />Agreement, as follows: <br /> <br />1. Notwithstanding any provision in the Original Agreement to the contrary, <br />the City and Developer agree that Developer is under no obligation to advance <br />monies to the City for the Design and Construction of improvements, as originally <br />contemplated. <br /> <br />2. The Developer's obligation under the Original Agreement to advance <br />monies to the City for the improvements is hereby discharged. In consideration, <br />the Developer agrees to make a cash payment to City in the total amount of <br />$ 108,725 ( "Payment In-Lieu of Cash Advance" ), in recognition and <br />acknowledgment of the unanticipated costs that the City has incurred in <br />connection with the funding of the Improvements from City monies, payable as <br /> <br />862882-1 <br />