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<br />ORIGINAL <br /> <br />AGREEMENT <br />for <br />ACQUISITION OF STREET PARCEL <br />(BAIR ISLAND ROAD EXTENSION) <br /> <br />k.::J¿ AGREEMENT, made and entered into this ~ day of <br />1-.. ,1998, by and between the CITY OF REDWOOD CITY, a <br />municipal corporation of the State of California ("City"), and RIAB <br />DEVELOPMENT, INC., a California corporation ("RIAB"); <br /> <br />WITNESSETH: <br /> <br />WHEREAS, RIAB owns approximately 12.12 acres of land located on Bair <br />Island in the City of Redwood City designated by Assessor's Parcel Number <br />("APN") 052-540-030 (the "Development Property"); and <br /> <br />WHEREAS, RIAB or its successor proposes to develop the Development <br />Property for residential and small boat marina uses (the "Development"); and <br /> <br /> <br />WHEREAS, the public interest and necessity require improved access for <br />the Development and lands in the vicinity thereof, by means of an extension of <br />Bair Island Road (the "Street Parcel"), which extension is more particularly <br />described in Exhibit "A" hereof, attached hereto, and by this reference <br /> <br />incorporated herein; and <br /> <br />WHEREAS, RIAB does not possess property rights in the Street Parcel <br />sufficient to provide for construction of improvements thereon related to the <br /> <br />Development (the "Street Improvements") or to convey title thereto to City; and <br /> <br />WHEREAS, irrespective of the final approval and completion of the <br />Development, the public interest and necessity require acquisition and <br />improvement of the Street Parcel; and <br /> <br />Agmt-147 <br />F /sh/sh/RC/Council <br />DES: jg:rg <br />04/1 0/98R;05/07/98RR <br /> <br />-1- <br />