Agmt25 Lane 847 Woodside, LLC - Laserfiche WebLink

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C. Lane 1900 Broadway Owner LLC, a California limited liability company ("Developer") on behalf of Lane 847 Woodside, LLC, a California limited liability company (Developer's affiliate company hereinafter referred to as "Donor") submitted an application for development of a project at 1900 Broadway for a seven (7) story mixed-use building consisting of 256,200 sq. ft., including over 10,000 sq. ft. of ground floor retail. The project features a 12,000 sq, ft. of public open space plaza at the corner of Broadway and Main Street (the "1900 Broadway Project"), which is subject to the Ordinance. D. Section 29.1.C.12 of the Ordinance recognizes that accepting land donations increases the sites with appropriate zoning, development standards, and infrastructure capacity to accommodate affordable residential developments within the City. E. The City approved an Affordable Housing Plan for the 1900 Broadway Project, dated August 1, 2024 (the "Affordable Housing Plan"), which contemplates and allows for the land donation described in this Agreement. F. Eden Housing, Inc., a California nonprofit public benefit corporation ("Eden"), as predecessor -in -interest to Affordable Developer, the City, Developer and Donor entered into that certain Affordable Housing Land Donation Agreement, dated as of , 2024 (the "Land Donation Agreement") under which the Donor agreed to donate to Eden specified real property generally located 847 Woodside Road, in the City of Redwood City, County of San Mateo, State of California, as more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference (the "Affordable Site") to implement that Affordable Housing Plan for the 1900 Broadway Project. G. Pursuant to that certain Partial Assignment of Development Agreement, dated as of _, 2024 (the "Partial Assignment of Development Agreement"), [Eden, as predecessor -in -interest to Affordable Developer], assumed the affordable housing rights, duties and obligations of the Donor associated with the 1900 Broadway Project Approvals under the Development Agreement for the 1900 Broadway Project. H. Donor effectuated the transfer of the Affordable Site to [Eden/Affordable Developer] under that certain Grant Deed which is being recorded concurrently herewith. I. Under the Affordable Housing Plan, [Eden/Affordable Developer] agreed to develop the Affordable Site with not less than approximately seventy-one (71) affordable residential units (excluding the manager's unit) in such manner and subject to such income requirements as specified in the Affordable Housing Plan (the "Affordable Units"), required by the City in order to facilitate the entitlement and development of the 1900 Broadway Project (the "Affordable Development"). The Parties are entering into this Agreement in order to satisfy such requirements. J. The City has determined that the Affordable Development may utilize the rents allowed under Government Code section 65915(c)(1)(B)(ii) for up to eighty percent (80%) or fifty- six (56) of the Affordable Units. The Affordable Development was granted the following concessions and waivers: (i) a 24.5% density bonus; (ii) a concession in the reduction in parking ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT—EXHIBIT G— RESTRICTIVE COVENANTS AGR REV: 10-22-24 VR Page 2 of 41