Laserfiche WebLink
KY-9-10Q,121% —ce <br />Recording Requested by and: <br />When Recorded Return to: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attn: City Clerk <br />EXEMPT FROM RECORDING FEES PER <br />GOVERNMENT CODE §§6103, 27383 <br />&avk.cc,e_J-)388. I (a)e%) <br />Space Above This Line For Recorder's Use Only <br />GROUND LEASE OPTION AGREEMENT <br />(PORTION OF 1580 MAPLE STREET) <br />This GROUND LEASE OPTION AGREEMENT ("Option Agreement") is dated for <br />reference purposes as of �r• r_� 3 , 2022 ("Option Agreement Date") and is made <br />and entered into by and between the CITY OF REDWOOD CITY, a charter city and a <br />municipal corporation of the State of California ("City"), and the COUNTY OF SAN MATEO, <br />a political subdivision of the State of California ("County"). <br />RECITALS <br />A. City and County are parties to a Real Property Exchange Agreement ("Exchange <br />Agreement") dated September 30, 2021, whereby County has agreed to transfer to City the <br />approximately 2.0 acre County -owned property located at 1580 Maple Street in Redwood City <br />(APN 052-532-020) ("County Property") and more particularly described in Exhibit A attached <br />hereto, in exchange for an approximately 2.52 acre portion of certain City -owned property <br />located at 1450 Maple Street, Redwood City (portion of APN 052-398-010) ("City Parcel"). <br />B. The Exchange Agreement provides, among other things, for City to grant to <br />County at close of the escrow for the exchange transaction, an option to lease the approximately <br />1.5 -acre portion of the County Property that is not needed for the City's Blomquist Street <br />extension project ("Remainder Parcel") for the sole purpose of affordable housing development <br />targeted to low income households (80% AMI or below), which may include permanent <br />supportive housing. The Remainder Parcel is generally depicted in Exhibit B attached hereto <br />and will be more particularly delineated and defined by City following completion of the <br />Blomquist Street extension project. <br />C. As contemplated by the Exchange Agreement, City now desires to grant to <br />County an option to ground lease the Remainder Parcel for the purposes of affordable housing <br />development, which may include permanent supportive housing, on the terms set forth herein. <br />REV: 01-21-2022 SK <br />ATTY/AGR.2022.010.6/City- County Land Swap (Page 1 of 14) <br />