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<br />THIS DEVELOPMENT AGREEMENT ("Agreement") is made and <br /> <br />entered into this 7 >'^.. <br /> <br /> <br />996, by and between City OF REDWOOD <br /> <br />CITY, a municipal corporation of the State of California ("City"), and FLATIRONS <br /> <br />FUNDING, LIMITED PARTNERSHIP, a Delaware limited partnership ("Flatironsrt). <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 />:, ?:~ <br />.~:£;::;:: <br /> <br />acres .of vacant land within City on which Flatirons proposes to develop the Project. <br /> <br />::;;;:~::, <br />q;;.E ';: <br /> <br />B. <br /> <br />The Development Agreement Law authorizes City to enter into a <br /> <br />,. ," <br />~~;::: <br /> <br />.. , <br />~ ., ", <br />>."' .." <br />.... ".. <br /> <br />binding development agreement with any person having a legal or equitable <br /> <br />",",~H, <br />~ ., .. <br />,.-.- <br />... .. <br /> <br />-.~. <br />\g~3 <br /> <br />,,' .. <br />" ~ " <br />.. '. .. <br />""~_.., <br /> <br />interest in real property, and City desires to enter into a binding development <br /> <br />.,,~'.~ <br />!¡j:~ <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 />. , <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 AGRCP3.IXX: <br />August 26, 1996 <br /> <br />,,_.,-.-, -., <br />