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6.1.B. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> May 9, 2016 <br /> SUBJECT <br /> Affordability Agreement for Fuller Street Partners, LLC <br /> RECOMMENDATION <br /> By motion, approve the Affordability Agreement by and between Fuller Street Partners, <br /> LLC and the City of Redwood City and authorize the City Manager to execute the <br /> agreement <br /> BACKGROUND <br /> Fuller Street Partners, LLC, ("Developer") is the owner and developer of the residential <br /> condominium project located at 439 Fuller Street. On March 18, 2014, the Planning <br /> Commission for the City of Redwood City approved a Downtown Planned Community <br /> Permit and Vesting Tentative Map for Condominium Purposes for the development of <br /> 439 Fuller Street consisting of approximately 124,000 square feet, 161 parking spaces, <br /> five stories and 131 residential units, including four (4) affordable units. <br /> The Developer requested an affordable housing credit from the City pursuant to the <br /> City's Park Impact Fee Ordinance. The Redwood City Municipal Code provides for an <br /> affordable housing credit of the park impact fee for a development that includes <br /> affordable housing units. <br /> ANALYSIS <br /> The Developer entered into an Affordable Housing Agreement (AHA) with the County of <br /> San Mateo ("County"), dated December 12, 2012. Pursuant to the terms of the AHA the <br /> Developer agreed to include no fewer than two affordable housing units that would <br /> accommodate at least six persons in the project. The Developer constructed a total of <br /> two studio and two one bedroom units available to low income households. <br /> The Developer purchased the property at a trustee's foreclosure sale in April 2012. The <br /> previous owner purchased one of the three parcels that comprise the site from the <br /> County through a Purchase and Sale Agreement dated November 8, 2005 and planned <br /> to construct residential condominium units on the property including the affordable units. <br /> In order for the Developer to receive the affordable housing credit for the affordable <br /> units that are part of the project the Developer and the City must enter into an <br />