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1/14/2008 WHEREAS, on December 17, 2007 the City Council introduced an ordinance amending Article 60, zoning map no. 22 of Ordinance no. 1130, the Redwood City Zoning Ordinance, as amended to rezone properties located with the Peninsula Park Precise Plan Area from the existing General Commercial "CG" Zoning District to the Planned Community "P" Zoning District; and WHEREAS, on December 17, 2007 the City Council adopted a resolution approving the Peninsula Park Precise Plan (the "Precise Plan"); and WHEREAS, on December 17, 2007, the City Council introduced an ordinance to enter into a development agreement with R.C. Peninsula Park, LLC for the development of the Peninsula Park Development Project subject to adding a recital with respect to the use of union labor on the private portions of the project and clarifying language being provided to Section 8 of the agreement; and WHEREAS, on January 8, 2008, recital 15 was added to the Development Agreement as follows: "Developer intends to build the Project using union workers pursuant to an agreement acceptable to both Developer and the Building Trades Council of San Mateo County, and City hereby agrees not to interfere in the negotiation of any such agreement unless and to the extent such agreement relates to the construction of Public Property Improvements (as defined in Section 4.2 below)." And, WHEREAS, on January 8, 2008, clarifying language was added to Section 8 Adjustment if Competing Projects are Subject to Lesser Affordable Housing Requirements of the Affordable Housing Plan to read in its entirety as follows: "The City acknowledges that Developer's obligation to finance affordable housing pursuant to this Affordable Housing Plan has been negotiated as a voluntary contribution on Developer's part. City agrees that if at any time prior to the eighth ("8th") anniversary of the issuance of the first certificate of occupancy for the residential portion of the Project, City requires other developments (i) to make an in-lieu affordable housing contribution of less than $10,000 per market-rate home; or (ii) to pay less than $10,000 per Affordable Home; or (iii) to provide Affordable Homes fewer in number than 15% of the market rate homes in the development; or (iv) to provide on-site Affordable Homes fewer in number than 5% of the market-rate homes in the development, then Developer's obligations under this Affordable Housing Plan shall be reduced to be equivalent to such lesser requirements. This provision shall not apply to residential developments of fewer than twenty (20) homes or to residential developments for which a complete application for a Precise Plan is being processed by the City as of January 1, 2008, or for which a complete design review application such as an Architectural Permit, Planned Development Permit, and/or Planned Community Permit has been filed with the City prior to the Effective Date of the Agreement." NOW, THEREFORE the Council of the City of Redwood City does ordain as follows: Atty/Ord/Ord.296 2323 010708 2 FORMERLY MUFF#613