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open space, and the relocation of the existing CVS to a new 15,000 square foot building across <br />Woodside Road. SI XX, LLC, a California limited liability company (the "Developer") will <br />collaborate with the Affordable Developer, by transferring a 1.08 acre airspace subdivision <br />encompassing the one -hundred nineteen (119) Affordable Units and one unrestricted manager's <br />unit (together, `Building Three") located at the corner of Bay Road and Chestnut Street as <br />described in Exhibit A, attached hereto and incorporated herein by this reference (the <br />"Affordable Site") and by providing capital to Affordable Developer for the construction of the <br />Affordable Units, all in accordance with separate documentation between Developer and <br />Affordable Developer. <br />C. In June 2018, the City adopted Ordinance 1130-375, the Affordable Housing <br />Ordinance, set forth in Article 29 of the Redwood City Zoning Code which requires that <br />residential development projects consisting of twenty (20) or more dwelling units include on-site <br />affordable units. The Affordable Housing Ordinance requires that residential development <br />projects consisting of twenty (20) or more dwelling units include on-site affordable units. Under <br />this Affordable Housing Ordinance, for rental projects such as the proposed Project, affordable <br />units are to be provided as a percentage of total project units at the following affordability levels: <br />10% of units at Moderate, 5% of units at Low, and 5% of units at Very Low. In addition, the <br />affordable housing impact fee for office space construction is currently $23.62 per square foot of <br />net new construction and the affordable housing impact fee for retail and service space <br />construction is currently $5.91 per square foot of net new construction. The Affordable Project <br />will provide twelve (12) Extremely Low -Income Units, twelve (12) Very Low -Income Units, <br />and ninety-five (95) Low -Income Units (the "Inclusionary Units"). On May 20, 2019, the City <br />Council of Redwood City adopted Resolution No. 15769, pursuant to which the City approved <br />an Affordable Housing Plan for Broadway Plaza dated March 15, 2019, as modified by an <br />amendment to the Affordable Housing Plan approved by the Community Development Director <br />on April 7, 2023, which allows for the affordability restrictions described in this Agreement as <br />an alternative to the affordability restrictions described above in this Recital C. The parties are <br />entering into this Agreement in order to satisfy such requirements. <br />D. Notwithstanding anything to the contrary, the City has determined that the <br />Affordable Project may utilize the rents allowed under Government Code section <br />65915(c)(1)(B)(ii) for up to eighty percent (80%) of the Affordable Units. The Affordable <br />Project was granted the following concessions: i) a reduction in parking for the Affordable <br />Project to include a total of 136 parking spaces (one parking space per studio, one bedroom, and <br />two bedroom unit, two parking spaces per three bedroom unit, and four parking spaces reserved <br />for staff) and ii) the reduction from the 80 cubic feet of individual storage per unit required for <br />the Project under the MUC-GB zoning district to zero cubic feet of individual storage. <br />E. The City, SI 78, LLC, a California limited liability company ("SI 78"), as <br />predecessor -in -interest to Affordable Developer, and Developer entered into that certain Housing <br />Affordability Agreement, dated as of October 25, 2023 and recorded on November 29, 2023 as <br />Document No. 2023-063043 (the "Housing Affordability Agreement") to implement that certain <br />Affordable Housing Plan submitted and approved by the City for the Broadway Plaza Project. <br />The Public Housing Election Implementation Law (Health & Safety Code Sections 37000- <br />37002) operates to exclude this Affordable Project from the application of Article XXXIV of the <br />California Constitution ("Article 34"). Consequently, the requirement imposed by the City's <br />Affordable Housing Ordinance, set forth in Article 29 of the Redwood City Zoning Code, is <br />REV; 07-12-24 VR <br />1199\10\3491196.8 <br />