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<br />ORIGINAL <br /> <br />AGREEMENT FOR THE FUNDING OF <br />OFF-SITE ROADWAY IMPROVEMENTS <br /> <br />(IRVINE APARTMENT COMMUNITIES RESIDENTIAL MARINA PROJECT) <br /> <br />THIS AGREEMENT FOR THE FUNDING OF OFF-SITE ROADWAY <br />IMPROVEMENTS (the "Agreement"), is entered into as of //'t ~ 1 ~, <br />2000, by and between the CITY OF REDWOOD CITY, a municipal corporation <br /> <br />of the State of California ("City"), and IRVINE APARTMENT COMMUNITIES, <br /> <br />LP., a Delaware Limited Partnership ("Owner"), relating to the funding of certain <br /> <br />traffic mitigation measures for the development of buildings and other <br /> <br />improvements upon the real property of Owner (APN 052-540-030), commonly <br /> <br />referred as the "Irvine Apartment Communities Residential Marina Project" (the <br /> <br />"Project") and more particularly described in Exhibit "A," attached hereto and <br /> <br />incorporated by this reference (the "Property"). <br /> <br />RECITALS <br /> <br />WHEREAS, the Property comprises approximately 12.2 acres located <br /> <br />along Bair Island Road and is being developed under the designation of Final <br /> <br />Map of Bair Island Marina, situated in the City of Redwood City, California; and <br /> <br />WHEREAS, on November 4, 1997, the Planning Commission of the City <br /> <br />adopted a Mitigated Negative Declaration ("MND") addressing the development <br /> <br />of a 155 unit apartment complex and a 100 slip marina with recreational facilities <br /> <br />at the Property and further approved a Planned Development Permit ("PO <br /> <br />Permit") and Tentative Map; and <br /> <br />f/sh/sh/RC/council <br />AGMT-232 <br />02/08/00 <br />9:21 AM <br />FXS/fs/ <br /> <br />1 <br />