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3/22/99 <br /> <br /> ORIGINAL <br /> <br /> RESOLUTION NO. 13587 <br /> <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION <br /> OF REGULATORY AGREEMENT <br /> <br /> (LIDO, LLC) <br /> <br /> WHEREAS, pursuant to Resolution No. 12023, adopted July 26, 1993, <br />the Council of the City of Redwood City ("City") approved the Lido Specific Plan <br />(the "Specific Plan") for the construction of 622 residential units on a 148 acre <br />site (the "Property") located at the eastern terminus of Redwood Shores <br />Parkway, in the City of Redwood City; and <br /> <br /> WHEREAS, the Specific Plan required that twenty (20) affordable housing <br />units (the "Units") be made available at the Site to families with income at 80% of <br />median; and <br /> <br /> WHEREAS, in July 1996, the Planning Commission of the City of <br />Redwood City approved an amendment to the Specific Plan to allow the M.H. <br />Podell Company (the predecessor in interest to the present owner, Lido, LLC, <br />"Owner") to change the Units from ownership to rental Units; and <br /> <br /> WHEREAS, pursuant to Resolution No. 12897, adopted September 16, <br />1998, the Council of the City of Redwood City approved the amendment to the <br />Specific Plan and further amended the Specific Plan to provide affordable Units <br />to families with income at 80% of median rather than at 80% of median; and <br /> <br />R~>~22 1 <br />G:~shared~redwood~cou ncll <br />FXS.ffs <br /> <br /> <br />