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<br />. <br /> <br />CITY OF RIVERSIDE <br /> <br />REDEVELOPMENT AGENCY MEMORANDUM <br /> <br />Honorable Mayor & Agency Members <br /> <br />Date: <br />Item No.: <br /> <br />July 25, 2000 <br />3 <br /> <br />Subject: Authorize University Village Fourth Implementation Agreement - University Corridor/ <br />Sycamore Canyon Project Area - Agency Participation with Financing of a Parking Garage <br />for University Village <br /> <br />Background <br /> <br />On July 11, 2000, the draft University Village Fourth Implementation Agreement was presented and approved by <br />the Agency Board. The Agency recommended that staff return with the final University Village Fourth <br />Implementation Agreement along with the Parking Management Plan for final action. The Agreement has been <br />finalized and executed and is included in its entirety as an attachment to this report. <br /> <br />Current Issue <br /> <br />The University Village Fourth Implementation Agreement and all exhibits are attached for your review and final <br />action. Below is an outline of the Agreement and any changes made to the final document. Please note, on July <br />11 th, some of the exhibits were not attached to the Implementation Agreement. Those exhibits are identified <br />below as "Attached" under the heading "CHANGES." <br /> <br />UNIVERSITY VILLAGE FOURTH IMPLEMENTATION AGREEMENT <br /> <br />DOCUMENT TITLE <br /> <br />CHANGES <br /> <br />Fourth Implementation Agreement <br /> <br />Section 3.1.1 Agency Lease of a Portion of the Parking <br />Levels to the University of California, Riverside. <br /> <br />First sentence now reads: "The Agency and the <br />Developer acknowledge that the Agency may lease to <br />the University of California, Riverside ("UCR") the <br />Agency's Exclusive Easement rights to four hundred <br />parking spaces, ..." <br /> <br />Bottom of first paragraph reads: "The Agency shall <br />terminate the UCR Parking Agreement, in whole or in <br />part, upon receipt of Developer's written notice, which <br />notice may be given from time to time during the term of <br />the UCR Parking Agreement." Additional language was <br />inserted and is summarized as follows: The developer <br />shall tender to the Agency a $90,000 security deposit in <br />the form of cash or cash equivalent in the event that the <br />UCR Parking Agreement is terminated. <br /> <br />3-1 <br />