AgdaPkt 2020-03-09 Joint - Laserfiche WebLink

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6.C. - Page 70 of 111 THIS AFFORDABLE HOUSING IMPACT FEE AGREEMENT (this "Agreement") is entered into effective as of , 2020 ("Effective Date") by and among the City of Redwood City, a charter city and municipal corporation ("City"), Premia 1180 Main Owner, LLC, a Delaware limited liability company ("Developer"), and HIP Housing Development Corporation, a California nonprofit public benefit corporation ("HHDC"). The City, Developer, and HHDC are collectively referred to herein as the "Parties." RECITALS A. Developer is the owner of, or has a contractual right to acquire, the real property located in the City of Redwood City, San Mateo County, California, at 1180 and 1190 Main Street, known as San Mateo County Assessor's Parcel Nos. 053-147-060 and 053-147-070, and more particularly described in Exhibit A attached hereto (the "Property"). B. Developer intends to construct a three-story, 109,375 square foot office building on the Property, together with related improvements, including underground parking, publicly accessible open space, and certain public improvements (collectively, the "Project"). C. In connection with its application for Project approvals, Developer submitted an Affordable Housing Plan ("Affordable Housing Plan") which sets forth Developer's proposed method of satisfying the requirements of the City's Affordable Housing Ordinance, Zoning Code Article 29 (the "Affordable Housing Ordinance") that apply to the Project. D. On July 30, 2019, the Planning Commission adopted Resolution No. 19-09 adopting a Mitigated Negative Declaration and a Mitigation Monitoring and Reporting Program for the Project, and adopted Resolution No. 19-10 approving the Affordable Housing Plan, an Architectural Permit, a Conditional Use Permit, and a Tentative Map for the Project, subject to compliance with specified Conditions of Approval attached to the Resolution (the "Conditions of Approval"), including compliance with the Affordable Housing Plan. E. Among other requirements, the Conditions of Approval and the Affordable Housing Plan require the Developer to enter into an agreement regarding the payment of Affordable Housing Impact Fees and the implementation of the Affordable Housing Plan. This Agreement is intended to serve that purpose. NOW, THEREFORE, in consideration of the mutual covenants contained herein and good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows. ARTICLE I DEFINITIONS; EXHIBITS 1.1 Incorporation of Recitals. The Parties acknowledge the truth of the foregoing recitals which are hereby incorporated into this Agreement by this reference. REV: 02-25-2020 PR ATTYIAGR.2020.0391Premia 1180 Main Owner, LLC (Page 2 of 42) 97