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ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) REV: 04-22-25 VR Page 3 of 17 under contract for every portion of the street not owned by the City. It is anticipated that the Applicant would acquire this portion of California Street property from the City in exchange for a grant of right-of-way for the new Franklin Street. To fulfill a prerequisite to selling City-owned property, the City declared the subject land exempt surplus under the Surplus Land Act, submitted its findings to the California Department of Housing and Community Development (HCD), and received concurrence; and WHEREAS, to form the 1.6-acre lot for development, the Project requires combining multiple parcels into one development site including a proposed land swap with JPB that would exchange the property located at 2529 Broadway to JPB for a portion of the existing Transit Center parking lot to the Applicant; and WHEREAS, on September 2, 2021, JPB authorized JPB staff to enter into an exclusive negotiation agreement with El Camino Real Holdings JV (KM-ECR at the time) and in February 2025, the JPB board, California Department of Housing and Community Development, and the Federal Transit Administration authorized the land-swap exchange agreement. The Applicant will complete the land exchange after Final Map recordation; and WHEREAS, under Article 29 of the Redwood City Zoning Ordinance (“Affordable Housing Ordinance”), nonresidential development projects must mitigate the impact of new development on the need for affordable housing. As applied, the Project requires either: (1) the creation of thirty-one (31) units of affordable housing; or (2) the payment of an Affordable Housing Impact Fee in the approximate amount of Seven Million Two Hundred Eighty-Seven Thousand Seven Hundred Seventy-Four Dollars ($7,287,774). The Affordable Housing Ordinance allows alternative means of compliance including land donation that meets the requirements set forth in the Affordable Housing Ordinance Program Guidelines (“Program Guidelines”). The Applicant has proposed the donation of real property generally located at 920 Shasta Street and 122 Buckeye Street (Assessor Parcel Number 053-343-110 and 053-343-080) (“Affordable Site”). The Affordable Site is valued at Ten Million Dollars ($10,000,000). The Applicant proposes to donate the Affordable Site to Abode, a California nonprofit public benefit corporation (“Affordable Housing Partner”). The City must approve Abode as a qualifying designee for the development of ninety-nine (99) deed-restricted affordable rental units, as set forth in an Affordable Housing Land Donation Agreement. The Applicant's affordable housing obligation with regards to the Project will be considered fulfilled only upon completion of the land transfer of the Affordable Site to the qualifying Affordable Housing Partner or as otherwise specified in the Development Agreement; and WHEREAS, the Affordable Site is currently occupied by two residential tenants and 135 non-residential tenants (self-storage use) and as provided for in the Affordable Housing Land Donation Agreement the Applicant or Abode is required to relocate the two (2) residential tenants and provide relocation benefits to the 135 non-residential tenants located on the Project site in accordance with local and state laws; and