Reso25 16301 - Laserfiche WebLink

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(mm) “SEIR” means the Subsequent Environmental Impact Report to the Downtown Precise Plan, certified by the City Council by Resolution No. 16153 on June 26, 2023. (nn) “Term” has the meaning set forth in Section 1.3 of this Agreement. (oo) “Title Company” has the meaning set forth in Section 3.4 of this Agreement. (pp) “Very Low-Income Household” means a household with an annual Household Income no greater than the maximum income for very low income households, as published annually by the City for each household size, based on either HUD income limits for San Mateo County or the HCD income limits for San Mateo County, as applicable. (qq) “Very Low-Income Rent” means the Affordable Rent permitted to be charged for a Very Low-Income Unit, shall not exceed one-twelfth (1/12th) of fifty percent (50%) of thirty percent (30%) of Median Income, adjusted for Assumed Household Size, and as provided to the Developer annually by the City or as published by CTCAC for 50% AMI households, as applicable. (rr) “Very Low-Income Units” means Affordable Units required to be occupied by Very Low-Income Households. (ss) “901 El Camino Real Project” has the meaning set forth in Recital C above. (tt) “901 El Camino Real Project Approvals” means all entitlements, plans, maps, authorizations, development agreements, permits and approvals for the 901 El Camino Real Project, approved pursuant to Resolution No. ___ adopted by City Council of Redwood City on __________, __, 2025, as described in Recital C above. Section 1.2 Exhibits. The following exhibits are attached to this Agreement and incorporated into this Agreement by reference as if fully set forth herein: Exhibit A-1: Affordable Site Legal Description Exhibit A-2: Affordable Site Preliminary Title Report Exhibit B-1: Affordable Housing Plan Exhibit B-2: Relocation Plan Exhibit C: Form of Grant Deed Exhibit D: Form of Irrevocable Offer to Dedicate Exhibit E: Form of Assignment and Assumption Agreement Exhibit F: Form of Assignment of Contracts Exhibit G: Form of Affordable Housing Restrictive Covenant Exhibit H: Form of Performance Deed of Trust Section 1.3 Term. The “Term” of this Agreement shall consist of the period commencing on Execution Date and continuing until: (1) the Close of Escrow for the Land Donation of the Affordable Site; or (2) the date of any termination of this Agreement in accordance with the provisions hereof. The expiration of the Term of this Agreement shall have no effect on ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) - EXHIBIT C REV: 04-22-25 VR Page 8 of 224