RecDoc2023-063043 Housing Affordability Agreement Broadway Plaza

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net new construction. On May 20, 2019, the City Council of Redwood City adopted Resolution No. 15769, pursuant to which the City approved an Affordable Housing Plan for Broadway Plaza dated March 15, 2019, as modified by an amendment to the Affordable Housing Plan approved by the Community Development Director on April 7, 2023, which allows for the affordability restrictions described in this Agreement as an alternative to the affordability restrictions described above in this Recital B. C. Broadway Plaza is a mixed-use development across two sites ("Project"): 1401 Broadway (the "Broadway Site") and 2201 Bay Road (the "Bay Road Site"). The Project includes 398 market rate rental units (the "Market Rate Units"), 119 affordable multifamily rental units, (the "Affordable Units"), one unrestricted manager's unit, 420,000 square feet of office space, 11,000 square feet of retail space, 10,000 square feet of childcare facilities, a 1.6 - acre public open space, and the relocation of the existing CVS to a new 15,000 square foot building across Woodside Road. The Developer holds fee title interest in the Project site, (the "Project Site"). D. Developer's project application was submitted in July 2016 and deemed complete in September 2018. In order to satisfy both the residential and nonresidential affordable housing requirements applicable to the Project, the Developer will transfer to the Affordable Developer 1.08 acre airspace subdivision of the Project Site (the "Affordable Site") located at the corner of Bay Road and Chestnut Street as depicted on the site map attached as Exhibit C ("Site Map"), and provide capital to Affordable Developer for the construction of the Affordable Units, all in accordance with separate documentation between Developer and Affordable Developer (or an affiliate). E. The Developer will develop the Market Rate Units between two six -story buildings ("Building One" and "Building Two" as depicted on the Site Map, together herein after referred to as the "Market Rate Buildings") to be located on the Market Rate Housing Site. Space reserved for commercial/retail and childcare use will be located on the ground level of Building One. The Affordable Units are to be located in one five -story building ("Building Three" as depicted on the attached Site Map) on the Affordable Site. The Market Rate Housing Site and the Affordable Site shall be referenced together as the "Residential Site" as described in Exhibit A attached hereto and incorporated herein by this reference. F. The City and Affordable Developer (or an affiliate thereof) will execute a restrictive covenant agreement, recording restrictive covenants concerning affordability, operation, and maintenance of 100% of the Affordable Units, excluding the manager's unit (the "Restrictive Covenant Agreement"), substantially in the form attached hereto as Exhibit G, which shall be recorded against the Affordable Site. The Public Housing Election Implementation Law (Health & Safety Code Sections 37000-37002) operates to exclude this project from the application of Article XXXIV of the California Constitution ("Article 34"). Consequently, the City's Ordinance requirements imposed on this Residential Component is exempt from Article 34 election requirements because the City is only restricting 119 units (excluding the manager unit), roughly 23% of the total 518 residential units that are part of the Project. 1199\1013609857.1 2 REV: 10-18-23 SK