Agmt17 MP Bradford Associates, LP - DDA

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THIS DISPOSITION AND DEVELOPMENT AGREEMENT (this "Agreement") is entered into effective as of , 2017 ("Effective Date") by and between the City of Redwood City, a charter city and municipal corporation (the "City") and MP Bradford Associates, L.P., a California limited partnership ("Developer"). The City and the Developer are collectively referred to herein as the "Parties." RECITALS A. The City is the owner of the real property located on Bradford Street between Main Street and Jefferson Avenue within the boundaries of the City's Downtown Precise Plan, depicted in and designated as "Fee Parcel A1" in Exhibit A attached hereto ("Fee Parcel Al"). B. The property designated as "State Lands Property" in Exhibit A ("State Lands Property") was conveyed to the City in trust, and is subject to certain reserved rights held by the State of California. The City intends to (i) complete a land exchange with the State Lands Commission, and (ii) if necessary, complete a lot -line adjustment pursuant to which two parcels will be created from the State Lands Property. When the foregoing actions are completed, one of the resulting parcels (as depicted and designated as "Fee Parcel A2" in Exhibit A, and hereafter referred to as "Fee Parcel A2") will be released from the State Lands Trust, and will be conveyed to the Developer for development of the Project concurrently with the conveyance of Fee Parcel A1, subject to the terms and conditions set forth in this Agreement. Fee Parcel Al and Fee Parcel A2 and the Tideline Parcel (defined below) are hereafter collectively referred to as the "Property." The other parcel resulting from the foregoing actions will comprise a portion of the creek setback area for Redwood Creek (as depicted and designated as "Creekside Trail — State Lands" in Exhibit A, and hereafter referred to as the "Creekside Trail Parcel") and will remain in the State Lands Trust. C. Ownership of a sliver of land located between the Redwood Creek mean high tide line and the top of the bank of Redwood Creek (the "Tideline Parcel") is currently indeterminate. The City intends to either quit claim the Tideline Parcel to Developer or pursue another to -be - determined method to resolve this matter. D. Subject to City review and approval of plans and the conditions set forth herein, Developer has proposed the development of a mixed-use project on the Property that will include at least 117 apartments that will be rented to low-income senior households at affordable rents, one manager's unit, ground floor commercial space designed for use as a childcare center, 59 residential parking spaces, at least 15 commercial parking spaces, a car sharing parking space, a publicly accessible creekside trail that will be developed on the Creekside Trail Parcel and the eastern most portion of Fee Parcel At, and related improvements (all of the foregoing, collectively, the "Project"). E. Consistent with CEQA Guidelines Section 15332, the City Council has determined that the proposed Project qualifies for exemption from review under the California Environmental Quality Act ("CEQA") as an in -fill development project because: (a) the proposed Project is consistent with the applicable general plan designation and all applicable general plan policies as well as with applicable zoning designation and regulations, (b) the Project site is within the City limits and consists of no more than five acres substantially surrounded by urban uses, (c) the ATY/AGR/2017.218/RWC— BRADFORD — DDA REV: 09-18-17 VR Page 2 of 94