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· - -'~' 7/27/98 ORIGINAL ORDINANCE NO. 2147 ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF SECOND AMENDMENT TO DEVELOPMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND FLATIRONS FUNDING, LIMITED PARTNERSHIP, AND MAKING CERTAIN FINDINGS WITH RESPECT THERETO (FLATIRONS FUNDING) WHEREAS, an application has been submitted by Electronic Arts Redwood, Inc. as agent for Flatirons Funding, Limited Partnership (the "Applicant") for a Second Amendment to the Development Agreement approved by the City Council on August 26, 1996 by Ordinance No. 2114, and recorded in the official records of the County of San Mateo (the "Official Records") on November 8, 1996 as instrument 96-138988, and as amended by the City Council on April 6, 1998 by Ordinance No. 2140, recorded on April 15, 1998, as instrument 98-054809, and recorded to correct a typographical error on ,1998, as instrument (the Development Agreement as previously amended shall be referred to as the "Development Agreement"), on the property generally described as an approximately 45-acre site at the corner of Redwood Shores Parkway and Twin Dolphin Drive (the "Electronic Arts Property"); and WHEREAS, under the existing Planned Development Pern~it (PD 10307-5), Vesting Tentative Map, and the Development Agreement, the Applicant has vested fights to build up to 175,000 square feet of Gross Building Floor Area ("GBFA") for office use in a building that does not exceed eight stories or 130 feet, whichever is lower, on Lot 1 (referred to as Zone 4 in the Development Agreement), and up to 225,000 square feet of GBFA for office use in a building that does not exceed eight stories or 130 feet, whichever is lower, on Lot 2 (referred to as Zone 2 in the Development Agreement); and WHEREAS, the relationship of the proposed buildings in Lots 1 and 2 to the Electronic Arts buildings already constructed would be improved if the location of the proposed buildings were moved approximately 100 feet southwesterly toward Redwood Shores Parkway, while leaving the basic configuration of the development on Lots 1 and 2 unchanged; and WHEREAS, the change in the location of the proposed buildings requires an adjustment to the existing lot lines; and WHEREAS, the proposed lot line adjustment requires, in turn, an amendment to the Development Agreement because it changes the boundaries of 2ones 2 and 4, as defined in the Development Agreement, and because it would relocate an approved parking structure where the Development Agreement contemplated a Common Area walkway; and Da2ord344 07/08/98 FXS/fs