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THIS DEVELOPMENT AGREEMENT ("Agreement") is made and entered into <br /> <br />this day of ,2002, by and between the CITY OF REDWOOD <br /> <br />CITY, a municipal corporation of the State of California ("City"), and Jeff Opfer, <br />authorized agent for and on behalf of Roy E. Opfer and Margaret L. Opfer, as Trustees <br />under the terms of said Declaration of Trust dated September 2, 1983 ("Owner"). <br /> <br /> RECITALS <br /> <br />(As used in these Recitals, capitalized terms have the meaning given them in this <br />Agreement or in Exhibit A to this Agreement.) <br /> <br />THIS AGREEMENT is predicated upon the following facts: <br /> <br />A. Owner is the owner of the Property comprising approximately 13,332 square feet <br />of land within City, located at 2233 Middlefield Road, Redwood City, California, and on <br />which Owner proposes to develop the Project. The legal description of the Property is <br />set forth on Exhibit "B" to this Agreement. <br /> <br />B. The Development Agreement Law authorizes City to enter into a binding <br />development agreement with any person having a legal or equitable interest in real <br />property, and City desires to enter into a binding development agreement with Owner <br />for the development of the Project on the Property. Owner is a qualified party to enter <br />into a development agreement under the Development Agreement Law. <br />C. Owner desires to develop the Project on the Property. <br /> <br />D. City acknowledges that the development of the Project requires financial <br />commitments and expenditures by Owner, and Owner seeks assurances by City that <br /> <br /> -2- <br />Agn~t-450113001 <br />FXS:dr <br />02/04/02R. 02/I 2t02R <br /> <br /> <br />