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<br />THIS DEVELOPMENT AGREEMENT (" Agreement") is made and <br />entered into this 7 ~ day o~. by and between City OF REDWOOD <br />CITY, a municipal corporation of the State of California ("City"), and FLATIRONS <br /> <br />FUNDING, LIMITED PARTNERSHIP, a Delaware limited partnership ("Flatirons"). <br /> <br />RECITALS <br /> <br />(As used in these Recitals, capitalized terms have the meaning given them in <br /> <br />this Agreement or in Exhibit A to this Agreement.) <br /> <br />THIS AGREEMENT is predicated upon the following facts: <br /> <br />A. <br /> <br />Flatirons is the owner of the Property comprising approximately 42.63 <br /> <br />acres of vacant land within City on which Flatirons proposes to develop the Project. <br /> <br />B. <br /> <br />The Development Agreement Law authorizes City to enter into a <br /> <br /> <br />binding development agreement with any person having a legal or equitable <br /> <br />interest in real property, and City desires to enter into a binding development <br /> <br />agreement with Flatirons for the development of the Project on the Property. <br /> <br />Flatirons is a qualified party to enter into a development agreement under the <br /> <br />Development Agreement Law. <br /> <br />c. <br /> <br />Redwood City General Improvement District No. 1-64 ("District") is a <br /> <br />General Improvement District and is created and empowered by City to administer <br /> <br />financing and construction of the Facilities as hereinafter set forth for the benefit of <br /> <br />the lands within District's boundaries. The Property is located within District's <br /> <br />boundaries, and City has determined that the financing and construction of the <br /> <br />Facilities by City through District is essential for the development of the Property. <br /> <br />The Facilities Fee Committee established pursuant to the Redwood Shores <br /> <br />-1- <br /> <br />DV AGR0'3.DOC <br />August 26, 1996 <br />