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<br />ORIGINAL <br /> <br />AGREEMENT FOR THE FUNDING OF <br />OFF-SITE ROADWAY IMPROVEMENTS <br /> <br />(KAUFMAN & BROAD BAIR ISLAND ROAD CONDOMINIUMS) <br /> <br />THIS AGREEMENT FOR THE FUNDING OF OFF-SITE ROADWAY <br /> <br />1 " <br /> <br />IMPROVEMENTS (the "Agreement"), is entered into as of ,JJß-iøh / ~ ' <br /> <br /> <br />19~ by and between the CITY OF REDWOOD CITY, a municipal corporation <br /> <br /> <br />of the State of California ("City"), and KAUFMAN & BROAD-SOUTH BAY, INC., <br /> <br />a California Corporation ("Owner"), relating to the funding of certain traffic <br /> <br />mitigation measures for the development of buildings upon the real property of <br /> <br />Owner, (APN 052-520-210; 240; 250) commonly referred as the "Kaufman & <br /> <br />Broad Bair Island Road Condominium Development Project" (the "Project") and <br /> <br />more particularly described in Exhibit "A," attached hereto and incorporated by <br /> <br />this reference (the "Property"). <br /> <br />RECITALS <br /> <br />WHEREAS, the Property comprises approximately three (3) acres located <br /> <br />near the Bayport Marina Plaza in Redwood City, California, along Bair Island <br /> <br />Road. <br /> <br />WHEREAS, the Planning Commission of the City adopted a Mitigated <br /> <br />Negative Declaration ("MND") addressing the development of 46 condominium <br /> <br />units and 115 on-site and 4 off-site parking spaces, on April 7, 1998. <br /> <br />WHEREAS, the MND included a Traffic Analysis (the "MND Traffic <br /> <br />Analysis") which determined that the traffic generated by the Project will <br /> <br />contribute to the congestion that can result in gridlock on East Bayshore Road <br />