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11/16/2020 RESOLUTION NO. 15909 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND GREYSTAR GP II, LLC. FOR 1306 MAIN STREET AND APPROVING THE SOUTH MAIN MIXED-USE PROJECT RELOCATION PLAN WHEREAS, the City of Redwood City (the "City") is fee owner of that certain real property located at 1306 Main Street, Redwood City, California (A.P.N. 053-184-010) ("Property"); and WHEREAS, on January 22, 2018, Greystar GP II, LLC. ("Developer") submitted a request to purchase the Property; and WHEREAS, the Developer has proposed developing the Property as part of a mixed -used project located between EI Camino Real, Maple, Cedar and Main streets and an offsite affordable housing development at 1304 EI Camino Real (at Jackson Avenue) that will include 530,000 sq. ft. of office, 540 residential units (including 147 affordable units), 28,000 sq. ft. of retail, 8,400 sq. ft. of child care and 40,000 sq. ft. of publicly -accessible open space, and related improvements (the "Project"); and WHEREAS, while the City consented to the application submittal to develop the Property as part of the Project, such consent did not represent City support of the application or Property acquisition, which are both subject to final review by the City Council; and WHEREAS, as a condition of sale of the Property to Developer, the City is requiring that the Developer construct 23 replacement housing units to replace the existing housing units located on the Property ("Replacement Housing Units") and twenty-two of the Replacement Housing Units must be affordable to very low and low income households; and WHEREAS, the Developer has agreed that seven (7) of the Replacement Housing Units will be affordable to extremely low-income households, fifteen (15) will be affordable to very low- income households and the remaining Replacement Housing Unit will be a market rate unit; and WHEREAS, the City Council has determined that the Purchase and Sale Agreement between the City of Redwood City and Greystar GP II, LLC., attached hereto as Exhibit A, would further the purposes of and appropriately implement the City of Redwood City General Plan; and WHEREAS, the Property is currently occupied by four residential tenants and the Developer is required to relocate the four (4) residential tenants and three (3) non-residential tenants located on the Project site in accordance with local and state laws; and WHEREAS, the South Main Mixed Mixed -Use Project Relocation Plan ("Relocation Plan"), attached hereto as Exhibit B, has been prepared on behalf of the City and has been available to the tenants to be displaced since October 9, 2020; and WHEREAS, the Relocation Plan meets the requirements of local and state law and demonstrates that (i) fair and reasonable relocation payments will be provided to displacees; (ii) displacees will be provided with relocation assistance that is compliant with local and state law; and (iii) comparable replacement dwellings will be available to the residential households to be displaced. ATTY/RESO.0128/ CC RESO 1306 MAIN STREET RESO. NO. 15909 REV: 11-03-2020 PR MUFF N0. 304 Page 1 of 2