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0 R I G I N A L 7/29/96 RESOLUTION NO. 12835 RESOLUTION APPROVING AND AUTHORIZI[NG EXECUTION OF A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY, FLATIRONS FUNDING, LIMITED PARTNERSHIP, AND REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64 BY THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE GOVERNING BODY OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64 (FLATIRONS FUNDING) WHEREAS, an application has been submitted by Electronic Arts Redwood, Inc. as agent for Flatirons Funding, Limited Partnership, for a Development Agreement for an office campus and associated improvements to be constructed on an approximately 45-acre site at the comer of Redwood Shores Parkway and Twin Dolphin Drive ("Project"); and WHEREAS, pursuant to the Development Agreement, the Project Applicant will be required to construct certain facilities; and WHEREAS, pursuant to the Development Agreement, Redwood City General Improvement District No. 1-64 is required to reimburse the Project Applicant for the cost of certain facilities, benefiting said District; NOW, THEREFORE; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE GOVERNING BODY OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64, AS FOLLOWS: Section 1. The foregoing recitals are true and correct. Section 2. This Council hereby finds, declares, and concludes as follows: (a) That certain Development Agreement entitled "Development Agreement Between Flatirons Funding, Limited Partnership, thc City of Redwood City, and Redwood City General Improvement District No. 1-64" ("Development Agreement") (form dated July 9, 1996), by and between thc City of Redwood City, a municipal corporation of the State of California, Redwood City General Improvement District No. 1-64, and Flatirons Funding, a copy of which Development Agreement is on file in the office of thc City Clerk, to which copy reference is hereby made for the full particulars thereof, is hereby approved. GIDDARS.DOC 1 7~23/96 5:29PM