Laserfiche WebLink
6.1.B. - Page 4 <br /> RECORDING REQUESTED BY ) <br /> AND WHEN RECORDED MAIL TO: ) <br /> City of Redwood City ) <br /> 1017 Middlefield Road ) <br /> Box 391 ) <br /> Redwood City, California 94064 ) <br /> Attn: City Clerk ) <br /> ) <br /> (Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> AFFORDABILITY AGREEMENT <br /> THIS AFFORDABILITY AGREEMENT (this "Agreement") is made and entered <br /> into on , 2016 (the "Effective Date"), by and between <br /> FULLER STREET PARTNERS, LLC, a California limited liability company <br /> ("Developer"), and the CITY OF REDWOOD CITY (the "City"). <br /> RECITALS <br /> A. Developer is the owner of that certain real property in the City of Redwood <br /> City, County of San Mateo, California (the "City") located at 439 Fuller Street, as more <br /> fully described in Exhibit A attached hereto and incorporated herein by this reference <br /> (the "Property"). <br /> B. On March 18, 2014, the Planning Commission for the City of Redwood <br /> City approved a Downtown Planned Community Permit and Vesting Tentative Map for <br /> Condominium Purposes for the development of 439 Fuller Street consisting of <br /> approximately 124,000 square feet, 161 parking spaces, five stories and 131 residential <br /> units (the "Project"). <br /> C. Condition No. 10 of the Project conditions of approval requires payment of <br /> the park impact fee in the amount of$1,428,772.45 ("Park Impact Fee"). <br /> D. The City is authorized under state law to levy, and the Developer is <br /> obligated under City of Redwood City Municipal Code Section 18.258 to pay, the Park <br /> Impact Fee to offset impacts of the Project on parks and community facilities. <br /> E. Pursuant to Redwood City Municipal Code Section 18.258, the park <br /> impact fee accrued on March 18, 2014, upon approval of the first discretionary permit <br /> for the Project. <br /> F. Redwood City Municipal Code Section 18.259 provides for an affordable <br /> housing credit of the Parking Impact Fee for a development that includes affordable <br /> housing units, which credit is an equal to "the base amounts that would be imposed <br /> REV:04-20-16 VR <br /> Page 1 of 29 <br /> ATTY/AGR.2016.081/Fuller Street Partners, LLC Affordable Housing Agreement <br />