AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 23 of 154 AGREEMENT FOR EXCHANGE OF REAL PROPERTY (INCLUDING ESCROW INSTRUCTIONS) THIS AGREEMENT FOR EXCHANGE OF REAL PROPERTY (INCLUDING ESCROW INSTRUCTIONS) ("Agreement") is entered into as of , 2021 "Effective Date"), by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City"), and 1548 MAPLE, LLC a Delaware limited liability company ("Developer"). City and Developer may hereinafter each be referred to as a "Party" or collectively as the "Parties." RECITALS A. Developer presently owns or has rights to acquire the approximately 7.88 acre property known as 1548 Maple Street, Redwood City, described in Attachment I and depicted in Attachment 2, both of which are attached hereto and incorporated herein by this reference ("Developer Property"). B. Developer proposes to develop- up to 131 three-story, for sale, market -rate townhomes and ancillary improvements on the Developer Property ("Project"). C. City by Resolution adopted on , 2021 has approved the vacation of an approximately 0.48 acre portion of the existing Maple Street public right-of-way ("City Vacation Action"), as described on Attachment 3 and depicted on Attachment 4, both of which are attached hereto and incorporated herein by this reference ("Maple Street Vacation Area") and City and Developer have entered into a Development Agreement dated August 3, 2018, and recorded in the Official Records of San Mateo County ("Official Records") as Instrument No. 2018-088890 on November 15, 2018 ("Development Agreement"), as amended by that certain First Amendment to Development Agreement dated , 2021 and approved by the City concurrently with this Agreement. Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Development Agreement. D. The Development Agreement provides, among other things (i) for Developer's acquisition of a fee interest in the Maple Street Vacation Area in exchange for Developer's conveyance to City of a public right-of-way and public service easement ("Public Right -of -Way and Public Service Easement") over, under, through and across an approximately 1 A 1 acre portion of the Developer Property, as described on Sheet 5 as "Street Easement Dedicated Hereon 40,861 S.F.+/-" on that certain Final Map No. 2019-002 ("Final Map") approved by the City Council of the City of Redwood City concurrently with this Agreement ("Public Right -of -Way and Pubic Service Easement Area"); (ii) for Developer to construct, at its expense, and dedicate to City, at no cost to City, the Blomquist - City Segment street improvements and, subject to certain terms and conditions set forth in the Development Agreement, to either construct, at its sole expense, and dedicate to City the additional segments of the Biomquist Street Extension, consisting of the Blomquist ---- Developer Segment and Blomquist County Segment, or pay a County/Developer Segments In Lieu Payment and deliver Developer Work Product to City if the additional segments are not constructed; and (iii) for Developer, at its expense, to construct and install across a portion of the Developer Property and maintain in perpetuity certain publicly accessible Bay Trail Improvements; the Development Agreement also sets forth the applicable fees, policies, zoning requirements that apply to Developer's development of the Project and provides Developer with a vested right to develop the Project on the Property. REV: 01-21-20201 PR ATTYIAGR.2021.01111548 Maple LLC (Page 1 of 25) 235