RecD98 1998-054808 - Laserfiche WebLink

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~~.' ~~ fIG" - ~ COpy 3?/ ~ Cifi- (' 1f1'1ðØ cf ORDINANCE NO. 2140 ORDIN~CE APPROVING AND AUTHORIZING EXECUTION OF FIRST AMENDMENT TO DEVELOPMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND FLATIRONS FUNDING, LIMITED PARTNERSHIP, AND MAKING CERTAIN FINDINGS WITH RESPECT THERETO 4/6/98 WHEREAS, the City of Redwood City and Flatirons Funding ("Flatirons") entered into a "Development Agreement" as of November 7, 1991, recorded on November 8, 1996 and filed as Document No. 96-138988, Official Records of San Mateo County, California, and approved by Ordinance No. 2114 adopted September 16,1996 to govern the development of the Property, as described therein, (the "Property") located in the City of Redwood City, San Mateo County, California, as is more particularly described in the First Amendment to Development Agreement hereinafter referenced; and WHEREAS, on the date of recordation of the Development Agreement, Redwood Shores, Inc. ("RSI"), was the owner of three common area lots (the "Old Common Area Lots") adjacent to the Property which were not encumbered by the Development Agreement; and WHEREAS, subsequent to the recordation of the Development Agreement, RSI conveyed the Old Common Area Lots to the Shores Business Center Association (the "Association"); and WHEREAS, on February 10, 1997, the City approved a final subdivision map for the Property (the "Final Map") which was filed for record with the Recorder of San Mateo County on March 27, 1997; and WHEREAS, upon the recordation of the Final Map, the Property was resubdivided into 14 parcels, of which five parcels (Lots A through E as shown on the Final Map), are new common area lots (the "New Common Area Lots") replacing the Old Common Area Lots; and WHEREAS, immediately prior to the recordation of the Final Map, the Association transferred legal title to the Old Common Area Lots to Flatirons conditioned upon the transfer of the New Common Area Lots from Flatirons to the Association immediately after recordation of the Final Map; and WHEREAS, the Old Common Area Lots were conveyed to Flatirons immediately prior to recordation of the Final Map by grant deed dated March 17, 1997 and recorded on March 27, 1997 in the official records of San Mateo County as Document No. 97-034597; and . WHEREAS, immediately after recordation of the Final Map, the New Common Area Lots were conveyed to the Association by grant deed dated March 17, 1997 and recorded on March 27, 1997 in the official records of San Mateo County as Document No. 97-0346061; and WHEREAS, the New Common Area Lots are described in Exhibit A attached hereto and made a part hereof; and Flatiron.Doc 2140