AgdaPkt 2020-03-09 Joint - Laserfiche WebLink

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6.C. - Page 63 of 111 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: The City of Redwood City 101.7 Middlefield Road Redwood City, CA 94063 Attn: City Manager [Fee Exempt -Gov't Code § 27383] (Space above for Recorder's Use) SHARED PARKING COVENANT THIS SHARED PARKING COVENANT ("Parking Covenant") is made and entered into as of ("Effective Date") by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City") and Premia 1180 Main Owner, LLC, a Delaware limited liability company ("Developer"). RECITALS A. Developer is the current fee owner of that certain real property commonly known as 1180 Main Street, Redwood City in the County of San Mateo, State of California, consisting of approximately 1.31 acres, as more particularly described in Exhibit A, attached hereto and incorporated herein by reference (the "Property"). B. On July 30, 2019, the Planning Commission of the City of Redwood City adopted, among other approvals, Resolution No. 19-10, approving development of the 1180 Main Street Office Project ("Project"), subject to certain conditions of approval ("Conditions"). C. The Project includes two levels of underground parking accessed on Elm Street with 156 parking stalls, and an additional 214 valet spaces for a total of 370 parking stalls. Although the Project has satisfied its parking requirement without relying on shared parking, Developer voluntarily committed to make public parking available at the Project during non -office hours in the evenings and on weekends. Condition No. 22(b) requires that this commitment be formalized in a shared parking covenant to be prepared, executed, and recorded prior to Parcel Map approval. D. The City and Developer desire that this Parking Covenant shall be the instrument to satisfy the Conditions, including Condition No. 22(b). COVENANT 1. Covenants to Permit Public Parkin. At a minimum, the 156 non -valet parking stalls provided by the Project ("Public Parking") shall be made available to the public Monday through Friday, 6 p.m. to 12 a.m., and 8 a.m. to 12 a.m. on Saturday, Sunday and holidays, which shall be deemed any day in which the office of the Secretary of State of California is closed as a legal holiday (collectively "Public Parking Hours"). Developer may also, at its option, make parking available to the public on weekdays between 8 a.m. and 5 p.m. and on all days between 12:00 a.m. and 8:00 a.m. Should the Public Parking occupancy rate documented pursuant to Section 4 exceed 98% consistently between hours of 7 p.m. and 9 p.m. on Friday and Saturday for a consecutive period of three months, the Project, at the written direction of the City, will make available to the public as Public Parking up to additional 214 valet parking spaces during the peak parking periods. Thereafter, ATTYIAGR.2020.0361Prem1a 1180 Main Owner, LLC (Page 1 of 5) 90