AgdaPkt 2019-09-09 Joint SA PFA - Laserfiche WebLink

Browse Search

DEVELOPMENT AGREEMENT STATION 1300 PROJECT (1258 - 1300 EL CAMINO REAL, 550 — 580 OAK GROVE AVENUE, AND 540 — 570 DERRY LANE, MENLO PARK, CA) THIS DEVELOPMENT AGREEMENT ("Agreement') is made and entered into as of this _ day of 2017, by and between the City of Menlo Park, a municipal corporation of the State of California ("City") and: Landings Investments, LLC, a California limited liability company ("Landings"), Bayfront Investments, LLC, a California limited liability company ("Bayfront'), and Real Social Good Investments, LLC, a California limited liability company ("Real Social Good") (Landings, Bayfront, and Real Social Good are, collectively, "Owner"), pursuant to the authority of California Government Code Sections 65864-65869.5 and City Resolution No. 4159. RECITALS This Agreement is entered into on the basis of the following facts, understandings and intentions of the City and Owner: A. To strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic risk of development, the Legislature of the State of California adopted Government Code Sections 65864- 65869.5 authorizing the City to enter into development agreements in connection with the development of real property within its jurisdiction by qualified applicants with a requisite legal or equitable interest in the real property which is the subject of such development agreements. B. As authorized by Government Code Section 65865(c), the City has adopted Resolution No. 4159 establishing the procedures and requirements for the consideration of development agreements within the City. C. Owner owns those certain parcels of real property collectively and commonly known as Station 1300 in the City of Menlo Park, California ("Property") as shown on Exhibit A attached hereto and being more particularly described in Exhibit B attached hereto. D. Owner intends to demolish all existing structures on the Property and to construct the Project (as defined in this Agreement) on the Property in accordance with the Project Approvals and any other Approvals. As part of the Project Approvals, Owner obtained a public benefit bonus consisting of: (1) a height increase from 38 feet to 48 feet; and (2) an increase in floor area ratio from 1.1 to 1.5, thus allowing the construction of an additional 112,108 sq. ft. of office and residential space (the "Public Benefit Bonus") in consideration for the substantial public benefits proposed by the Owner and contained in this Agreement. 1677\05\1 960134.8 1/17/2017 PAGE 261