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0 R I G I N A L 10/26/98 <br /> <br /> ORDINANCE NO. 2151 <br /> <br /> ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF <br /> A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF <br /> REDWOOD CITY AND PACIFIC SHORES CENTER LIMITED <br /> PARTNERSHIP <br /> <br /> (1000 SEAPORT BOULEVARD) <br /> <br /> WHEREAS, an application has been submitted by Pacific Shores Center <br />Limited Pa~lnership (the "Proiect Applicant") for the approval of a development <br />agreement (the "Development Agreement") for an office/research, office <br />complex, and associated improvements (the "Project") to be constructed on <br />approximately a 106 acre site at 1000 Seaport Boulevard, Redwood City, <br />California (the "Property"); and <br /> <br /> WHEREAS, the Development Agreement allows the City to seek public <br />benefits that it might not otherwise be able to require through normal planning <br />permits, while providing the Project applicant with long-term assurances that <br />certain regulations will not change during the life of the Project; and <br /> <br /> WHEREAS, pursuant to the Development Agreement, the Project <br />Applicant will be required to construct substantial off-site improvement and to <br />pay the City traffic impact fees, and to provide other public benefits, all which <br />constitute sufficient consideration for the City's decision to enter into the <br />agreement; <br /> <br /> NOW, THEREFORE; <br /> <br />Ord-046 1 <br />f:lsharedlredwoodlcouncil <br />FXS:rg <br />09121198; 09/22/98RRR <br /> <br /> <br />