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Project site has no value as habitat for endangered, rare or threatened species, (d) approval of the <br />proposed Project would not result in any significant effects relating to traffic, noise, air quality, or <br />water quality, and (e) the Project site can he adequately served by all required utilities and public <br />services. <br />F. Upon satisfaction of the conditions precedent set forth in this Agreement and <br />subject to the terms and conditions set forth herein, the City will convey the Property to Developer <br />for development of the Project, and will enter into a license agreement pursuant to which <br />Developer will develop the Creekside Trail Parcel and the eastern most portion of Fee Parcel A I as <br />a publicly -accessible creekside trail in accordance with plans approved by City. <br />G. Concurrently with the conveyance of the Property to Developer, among other <br />documents, Developer will execute an Affordable Housing Regulatory Agreement and Declaration <br />of Restrictive Covenants that will require the residential units in the Project to be rented to low- <br />income senior households at Affordable Rents for a term of not less than fifty-five (55) years. <br />H. A material inducement to City to enter into this Agreement is the agreement by <br />Developer to develop the Project within the time periods specified herein and in accordance with <br />the provisions hereof, and the City would be unwilling to enter into this Agreement in the absence <br />of an enforceable commitment by Developer to take such actions and complete such work in <br />accordance with such provisions and within such time periods. <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein and good <br />and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />Parties agree as follows. <br />ARTICLE I <br />DEFINITIONS; EXHIBITS <br />1.1 Definitions. The following terms shall have the meanings set forth in the Sections <br />referenced below whenever used in this Agreement and the Exhibits attached hereto. Additional <br />terms are defined in the Recitals and text of this Agreement. <br />"Affordable Rent" is defined in the Regulatory Agreement. <br />"Applicable Laws" is defined in Section 5.15. <br />"Approved Partnership" is defined in Section 7.3. <br />"Area Median Income" is defined in the Regulatory Agreement. <br />"Authorized Representative" means the City Manager of the City of <br />Redwood City, or his or her designee. <br />"City" means the City of Redwood City, a charter city and municipal <br />corporation. <br />ATY/AGR/2017.218/RWC — BRADFORD — DDA <br />REV: 09-18-17 VR <br />Page 3 of 94 <br />