RecDoc 2022-011753- Regulatory Agreement

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least 147 affordable units (including the Replacement Housing Units), approximately 530,000 square feet of office, approximately 28,800 square feet of retail and approximately 8,400 square feet of childcare facility generally located between El Camino Real, Maple Street, Cedar Street and Main Street (the "Development"), with thirty-eight (38) of the total 147 affordable residential units, including the Replacement Housing Units and one manager's unit located on a non-contiguous property located at 1304 El Camino Real ("Property"). D. Under the Conditions of Approval for the Development, approved by Resolution No. 15908 adopted on November 16, 2020 by the City Council of the City of Redwood City ("Conditions of Approval"), Greystar agreed to provide sixteen (16) affordable units in addition to the Replacement Housing Units at the Property of which eight (8) will be affordable to Low Income Households and eight (8) will be affordable to Extremely Low Income Households (collectively the "Inclusionary Units"), which must conform with City Zoning Code Article 29 (Requirements for Affordable Housing) as well as the Density Bonus Law (Government Code Section 65915 and Section 32.19 et seq. of the Municipal Code). This Agreement serves as the Affordable Housing Agreement required under Condition 30(f) of the Conditions of Approval. E. The Owner has assumed Greystar's rights and obligations with respect to the Project under the Conditions of Approval and the Purchase Agreement. F. In consideration of the City agreeing to sell the Main Street Property to IQHQ and in compliance with the Conditions of Approval, the Owner has further agreed to observe all the terms and conditions set forth below. G. In order to ensure that the entire Project will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement. THEREFORE, the City and the Owner hereby agree as follows: ARTICLE 1. DEFINITIONS 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Actual Household Size" means the actual number of persons in the applicable household. (b) "Adjusted Income" means the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Owner with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. (c) "Agreement" means this Regulatory Agreement and Declaration of Restrictive Covenants. REV: 01-19-2022 SK ATTY/AGR.2022.005/GS HIP 1304 ECR, LP (Page 2 of 23)