AgdaPkt 2014-10-06 Closed and Joint with SA

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7.3.B. - Page 12 PROPERTY DISPOSITION AGREEMENT THIS PROPERTY DISPOSITION AGREEMENT is entered into as of the day of , 2014, (the "Effective Date ") by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California (the "City ") and GREYSTAR GPII, LLC, a Delaware limited liability company (the "Developer "). The City and the Developer are hereinafter sometimes referred to individually as a "party" and collectively as the "parties." The City and the Developer hereby agree as follows: 100. SUBJECT OF AGREEMENT 101. Purpose of This Agreement The purpose of this Agreement is to effectuate the sale to the Developer of certain real property (the "City Property ") owned by the City, and to facilitate the City's review and consideration of proposed subsequent development of the City Property, together with certain other adjacent property owned or anticipated to become owned by the Developer (the "Developer Property" and together, with the City Property, the "Site ") as a transit - oriented multi- family residential development with associated parking and related facilities (the "Project "). The consummation of this Agreement, which will in turn facilitate such review and consideration of the Project, is in the vital and best interests of the City, and the health, safety, morals and welfare of its residents and in accord with the public purposes and provisions of applicable federal, state and local laws and requirements. Notwithstanding the foregoing or any other provision herein to the contrary, the approval, execution and implementation of this Agreement by City shall not be construed as an approval of or commitment to approve any development of the Site or of the Project. Further, nothing in this Agreement shall be construed as limiting the City's authority or ability to conduct all appropriate environmental review of the Project under the California Environmental Quality Act (Pub. Resources Code §21000 et seq.) or the City's discretion to consider and adopt any mitigation measures or project alternatives or conditions regarding any proposed development of the Site or of the Project, in whole or in part. 102. The Site The Site consists, collectively, of the City Property and the Developer Property. 102.1 The City Property The City Property is that certain real property fronting Jefferson Street, as shown as "New Parcel A" on the Map of the City Property (attached hereto as Attachment No. 1- A) and more particularly described in the metes and bounds description attached hereto as Attachment No. 1 -B. The City Property is currently owned by the City, and consists of a portion of two assessor's parcels, APNs 053- 171 -060 and 053- 171 -070, containing a total of approximately 11,900 square feet. As further set forth in Section 212, the City Property shall be conveyed hereunder, based upon the description in Attachment No. 1 -B, without the requirement for prior parcelization pursuant to a parcel map, and shall be included, together with the Developer Property, within the parcel map for the Project. ATTY /AGR /2014.197/RDW GREYSTAR PDA REV: 10 -01 -14 PT & VR 82483.00017\9102745.13