RecDoc 2022-010589 Maple St - Laserfiche WebLink

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NY—S-1 O(v 121L+- c_c_ Recording Requested by and: When Recorded Return to: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE §§6103, 27383 Gowl•.c,oAe- J7388.1(a)C%) Space Above This Line For Recorder's Use Only GROUND LEASE OPTION AGREEMENT (PORTION OF 1580 MAPLE STREET) This GROUND LEASE OPTION AGREEMENT ("Option Agreement") is dated for reference purposes as of c,��• , 2022 ("Option Agreement Date") and is made and entered into by and between the CITY OF REDWOOD CITY, a charter city and a municipal corporation of the State of California ("City"), and the COUNTY OF SAN MATEO, a political subdivision of the State of California ("County"). RECITALS A. City and County are parties to a Real Property Exchange Agreement ("Exchange Agreement") dated September 30, 2021, whereby County has agreed to transfer to City the approximately 2.0 acre County -owned property located at 1580 Maple Street in Redwood City (APN 052-532-020) ("County Property") and more particularly described in Exhibit A attached hereto, in exchange for an approximately 2.52 acre portion of certain City -owned property located at 1450 Maple Street, Redwood City (portion of APN 052-398-010) ("City Parcel"). B. The Exchange Agreement provides, among other things, for City to grant to County at close of the escrow for the exchange transaction, an option to lease the approximately 1.5 -acre portion of the County Property that is not needed for the City's Blomquist Street extension project ("Remainder Parcel") for the sole purpose of affordable housing development targeted to low income households (80% AMI or below), which may include permanent supportive housing. The Remainder Parcel is generally depicted in Exhibit B attached hereto and will be more particularly delineated and defined by City following completion of the Blomquist Street extension project. C. As contemplated by the Exchange Agreement, City now desires to grant to County an option to ground lease the Remainder Parcel for the purposes of affordable housing development, which may include permanent supportive housing, on the terms set forth herein. REV: 01-21-2022 SK ATTY/AGR.2022.010.6/City- County Land Swap (Page 1 of 14)