Agmt82 DDA Redwood Shores Inc. GID 1-64

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public facilities may ,,roceed in i timely manner, thereby promoting optimum opportunity for the development of its properties within the District; and. WHEREAS, City desires that development of the aforementioned real property and the construction of public facilities proceed in a well-planned manner; and WHEREAS. pursuant to Government Code Sections 65864-65869.5 # the City is authori%ed to enter into a binding agreement with • Redwood Shores for the orderly development of the aforementioned real property; NOU, THEREFORE; the parties hereto do hereby agree as follows: 1. perm. The term of this agreement shall commence on the effective date of the ordinance approving it, and shall continue for a period of fifteen (15) years from the date thereof, subject to the annual and quarterly reviews described in paragraphs 6, 8 and 9 and to to the termination provisions of paragraph 11. It is understood that onligatron:, to construct, including obligations to advance funds for f. a construction, or tc, reimburse for previous advances or construction, ? P which may have been incurred by the parties pursuant to paragraph N 8 prior to such termination, shall continu(. thr term hereof as provided in paragraph 11. 1 2. The Proposed Development. The real property to bo developed i which is the =object of this agreement inc-udes all that real re ,� property owned by Redwood Shores as of the effective date of this * agreement and located within those areas designated as Redwood i 0 Peninsula Areas A through I, inclusive. Maps showing said Areas are A included at pages 42 through 44 in ti:at booklet entitled "City of Redwood City General Improvement District No. 1-64 Financing Plan for Future Public improvements," dated November 17, 1981 and labeled 2 ,A