Reso PC22-09 0083 PC Reso Recommending General Plan Amendment Approval Harbor View Project

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ATTY/AGR/2022.389/HARBOR VIEW PROJECT DEVELOPMENT AGREEMENT REV: 10-28-2022 VR 8 “Term” means the Initial Term plus an Extended Term. “Transfer” is defined in Section 11.1. “Transportation Improvement Impact Fee” means the City’s Transportation Improvement Fee paid under Municipal Code Chapter 18, Article XV by developers of development projects to mitigate the cumulative impacts of traffic generated by new development. “US 101/SR 84 Interchange Fair Share Contribution” is defined in Section 6.3A. “US 101/SR 84 Interchange Public Benefit Contribution” is defined in Section 3.5A. “VTTM” is defined in Recital E. “YMCA Contribution” is defined in Section 3.4C. ARTICLE 2. GENERAL PROVISIONS Section 2.1 Ownership of Property. The Parties hereby acknowledge that, as of the Effective Date, Developer has a legal and/or equitable interest in the Property. ARTICLE 3.PUBLIC BENEFITS Section 3.1 Public Benefits Obligations. In consideration of the rights and benefits conferred by City to Developer under this Agreement, Developer shall perform and provide the specific public benefits and Exactions described in the Existing Approvals and in this ARTICLE 3, some of which may exceed the dedications, conditions, and exactions that City may impose under Applicable Law. Section 3.2 Affordable Housing. In addition to paying the Housing Impact Fee payable with respect to the Project, as set forth in Section 6.1A below, Developer shall provide 64 Extremely Low Income (ELI) housing units and contribute to the City’s First Time Homebuyer Program, all as set forth herein. A. Conversion of Affordable Housing Units. Developer is the fee owner of the following two parcels of real property and the 65 residential rental units thereon: (1) APN 059- 172-100, 059-172-330 and 059-172-340, described as 33, 44, and 50 Renato Court, Redwood City, California which includes 51 residential units (the “33, 44 and 50 Renato Court Property”); and (2) APN 59-172-150, described as 86 Renato Court, Redwood City, California which includes approximately 14 residential units (the “86 Renato Court Property”). The 33, 44 and 50 Renato Court Property and the 86 Renato Court Property are referred to collectively herein as the (“Affordable Housing Properties”). The Affordable Housing Properties are depicted on the Affordable Housing Properties Map attached hereto as Exhibit C. Prior to the earlier to occur of: (1) the date which is 30 days from the Effective Date; or (2) issuance of the first grading permit for the Project, Developer shall convey fee simple title to the Affordable Housing Properties to the Non-Profit Affordable Housing Operator for a sales price not to exceed One Hundred and No/100 Dollars ($100.00). As a condition of the transfer of the Affordable Housing Properties, Developer