RecDoc 2018-088890 Strada Development Agreement 1548 Maple, LLC

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DEVELOPMENT AGREEMENT This DEVELOPMENT AGREEMENT ("Agreement") dated for reference purposes as of 2018 ("Agreement Date"), is entered into by and between 1548 MAPLE LLC, a Delaware limited liability company ("Developer") and the CITY OF REDWOOD CITY, a California municipal corporation ("City"). Developer and City are sometimes referred to individually herein as a "Party" and collectively as "Parties." RECITALS This Agreement is entered into on the basis of the following facts, understandings and intentions of the Parties. The following recitals are a substantive part of this Agreement; capitalized terms used herein and not otherwise defined are defined in Section 1.1 of this Agreement. A. In order to strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic costs and risks of development, the Legislature of the State of California enacted section 65864 et seq. of the Government Code ("Development Agreement Law") which authorizes a city and a developer having a legal or equitable interest in real property to enter into a binding, long-term development agreement establishing certain development rights in the property. B. Developer currently has legal and/or equitable interest in approximately 7.88 acres of real property commonly known as 1548 Maple Street, as depicted on the "Parcel Map" attached hereto as Exhibit A and more fully described in Exhibit B attached hereto ("Property"). C. Developer proposes to develop the Property with up to 131 three-story for sale, market -rate townhomes at a density of approximately 17 units per acre, as well as associated open space, circulation and parking, and infrastructure ("Project"). D. To facilitate development of the Project, Developer has requested City vacate an approximately 0.48 acre portion of the existing Maple Street public right-of-way, as described on Exhibit C attached hereto and incorporated herein by this reference ("Maple Street Vacation Area") and exchange City's fee interest in the Maple Street Vacation Area in exchange fora public right-of-way and utility easement over, under, through and across the approximately 0.87 acre portion of the Property depicted on Exhibit C as the Blomquist —Developer Segment, as more particularly described in the irrevocable offer to dedicate shown on the Vesting Tentative Map described in Recital F below (`Blomquist — Developer Segment"). E. The Project is the subject of an Environmental Impact Report ("EIR") and a Mitigation Monitoring and Reporting Program ("MMRP") under the California Environmental Quality Act ("CEQA") (set forth in Public Resources Code Section 21000 et seq.) which was recommended for adoption by the City of Redwood City Planning Commission by action taken at its regular meeting of April 17, 2018, and has been adopted by the City Council by Resolution No. 15661 on May 7, 2018. OAK 44843-3885-9090 v I I ATTY/AGR/2018.094/STRADA DEVELOPMENT AGREEMENT REV: 07-27-18 VR Page 7 of 94