Ord. 2547 - Laserfiche WebLink

Browse Search

DEVELOPMENT AGREEMENT This DEVELOPMENT AGREEMENT (“Agreement”) dated for reference purposes as of __________, 2025 (“Agreement Date”), is entered into by and between EL CAMINO REAL HOLDINGS JV, LLC, a California limited liability company (“Developer”), and the CITY OF REDWOOD CITY, a California charter city and municipal corporation (“City”). Developer and City are sometimes referred to individually herein as a “Party” and collectively as “Parties.” RECITALS This Agreement is entered into on the basis of the following facts, understandings, and intentions of the Parties, and the following recitals are a substantive part of this Agreement and incorporated herein; terms are defined throughout this Agreement as indicated in bold language. A. In order to strengthen the public planning process, encourage private participation in comprehensive planning, and reduce the economic costs and risks of development, the Legislature of the State of California enacted Government Code Section 65864 et seq. (“Development Agreement Law”), which authorizes a city and a developer having a legal or equitable interest in real property to enter into a binding, long-term development agreement establishing certain development rights and obligations pertaining to real property. B. Developer currently has a legal and/or equitable interest in the real property located at 901 El Camino Real, 947 El Camino Real, and 999 El Camino Real in Redwood City, California (Assessor’s Parcel Numbers 052-351-010, 052-351-020 and 052-351-030), as well as several parcels underlying the existing California Street right-of-way and Winklebleck right-of-way, as depicted in Exhibit A, attached hereto. 1. In addition, as part of the land assembly for development, Developer has entered into a land exchange agreement with the Peninsula Corridor Joint Powers Board (“JPB”) to exchange a portion of the existing Transit Center parking lot owned by JPB that is currently located to the east of the existing California Street (the “JPB Exchange Property”), as depicted in Exhibit B-1, attached hereto, for a 17,100 square foot parcel owned by Developer at 2529 Broadway which is not a part of the development project as contemplated in this Agreement. 2. Concurrently with this Agreement, Developer has also obtained conditional approval of a Vesting Tentative Parcel Map (“VTPM”) that includes a condition for approval requiring the City vacation of a portion of its existing California Street right of way that runs between Winklebleck Street and James Avenue, and a portion of the existing Winklebleck Street between California and James Avenue, by realigning and relocating access through creation of a new segment of Franklin Street between California Street and James Street (“Franklin Street Segment”), all as depicted in the VTPM. As provided herein, the Developer will exchange the City’s fee interest in an approximately 8,689 square foot property (“City Parcel”) for the Franklin Street Segment right-of-way easement and related design and construction of the street improvements as depicted on the VTPM. The description of the exchanged and/or vacated property and rights-of-way, with the form Quitclaim Deed necessary to transfer the City’s fee title of the underlying rights-of-way to Developer, are collectively included in Exhibit B-2, attached hereto. The real property depicted in Exhibit A with the associated land assembly of the JPB ATTY/ORD.0002/CC ORD APPROVING DEVELOPMENT AGREEMENT (901 EL CAMINO REAL) - EXHIBIT A REV: 04-23-25 VR Page 6 of 336