SR-407-005-02 (3)
FIRST AMENDMENT TO THE REIMBURSEMENT AGREEMENT
FOR THE 1116-1146 FOURTH STREET PROJECT
BY AND BETWEEN THE CITY OF SANTA MONICA AND
THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
THIS FIRST AMENDMENT TO THE REIMBURSEMENT AGREEMENT (Amendment)
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is entered into this ____ day of __________________, 2000 by and between the CITY OF
SANTA MONICA (the City) and the REDEVELOPMENT AGENCY OF THE CITY OF SANTA
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MONICA (the Agency), with reference to the following facts:
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A. The Agency has prepared a Redevelopment Plan for the Santa Monica
Earthquake Recovery Redevelopment Project (the Project Area) which would result in
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allocation of taxes from the Project Area to the Agency for the purposes of redevelopment.
B. The City and Agency entered into a Reimbursement Agreement for the 1116-46
Fourth Street Project on September 22, 1998 in the amount of Two Million Five Hundred Sixty
Three Thousand Six Hundred Sixty Dollars ($2,563,660), which is attached hereto as Exhibit A
and incorporated herein, as an advance by the City to the Agency to pay all or part of the
construction of public parking spaces at 1116-1146 Fourth Street (the Project).
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C. The City and Agency, at City Council direction and with Agency approval, now
desire to amend the Reimbursement Agreement for the 1116-46 Fourth Street Project to
reflect modifications to the Project and revised contractor costs.
D. The estimated, additional cost to the Agency for the Project is Five Hundred
Sixty Nine Thousand Eight Hundred Forty Eight Dollars ($569,848).
E. The City and the Agency have made the determinations required by California
Health and Safety Code Section 33445.
NOW, THEREFORE, the parties hereto do mutually agree as follows:
1. Section 1 [ 100]. FINANCING OF PUBLIC PARKING IMPROVEMENTS,
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Paragraph A [ 101] Citys Obligations is hereby deleted and replaced to read as follows:
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The City shall advance to the Agency the amounts equal to the Project costs,
not to exceed a total of Three Million One Hundred Thirty Three Thousand Five
Hundred Eight Dollars ($3,133,508). Amounts will be advanced when and as
needed by the Agency to pay all or part of the cost of constructing the public
parking at 1116-1146 Fourth Street project.
2. Except as expressly modified herein, all other term and covenants set forth in the
Reimbursement Agreement shall remain the same and shall be in full force and effect.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first set forth above.
Attest: CITY OF SANTA MONICA
By:________________________ By: __________________________
Maria M. Stewart Susan E. McCarthy
City Clerk City Manager
Attest: REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA
By: _________________________ By: _____________________________
Maria M. Stewart Susan E. McCarthy
Secretary Executive Director
APPROVED AS TO FORM:
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Marsha Jones Moutrie
City Attorney and General Counsel
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