Parking Covenant Redwood City Partners,LLC

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THIS PARKING COVENANT AND AGREEMENT ("Parking Covenant and Agreement") is dated for reference purposes only as of October; 2013 and made and entered into by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City") and REDWOOD CITY PARTNERS, LLC, a Delaware limited liability company("Developer"). RECITALS A. City and Developer have entered into a Disposition and Development Agreement dated July 30, 2013 ("DDA") for the purchase by Developer of certain property owned by the City ("City Property"), the legal description of which is attached hereto as Exhibit A. The Developer also owns two parcels of property on the same block (the "Developer Property"), the legal descriptions of which are attached hereto as Exhibit B. Pursuant to the DDA, the City Property and the Developer Property shall be merged into a single legal parcel (collectively referred to herein as the "Site") and the Developer shall develop the Site for retail/commercial and office uses and parking (the "Project"). B. The City previously entered into a Parking Facilities Agreement with On Broadway Redwood City, LLC, dated July 12, 2004 and amended by a First Amendment to Parking Facilities Agreement, dated September 11, 2007. The original Parking Facilities Agreement and the First Amendment are collectively referred to herein as the "Parking Facilities Agreement". C. Pursuant to the Parking Facilities Agreement, the City is required to ensure that the developer of the City Property complies with certain parking requirements for the benefit of the public, and in particular, patrons of downtown businesses. D. The City Property is currently improved with a surface parking lot providing 211 public parking spaces, but the Developer has agreed to provide a minimum of 290 public parking spaces at the Project in accordance with paragraph VII.B. of the Parking Facilities Agreement. E. The City also has adopted a Downtown Precise Plan (the "Downtown Precise Plan") which has certain other parking requirements for development within downtown Redwood City. F. The City and Developer desire to enter into this Parking Covenant and Agreement to set forth with specificity the parking obligations applicable to the Project under the Parking Facilities Agreement and the Downtown Precise Plan and to help assure that there will be parking that supports both the Developer's Project and the downtown businesses. ARTICLE 1 PARTIES; EFFECTIVE DATE 1.1 Effective Date of Agreement. This Parking Covenant and Agreement ("Agreement") is dated as of October U 2013, for reference purposes only. This Parking Covenant and Agreement will become effective upon execution by the parties ("Effective Date"). ATTY/AGR/2013.203/CD-PARKING COVENANT a AGREEMENT REV: 10-16-13 VR Page 2 of 16