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ATTY/ORD.0002/CC ORD APPROVING DEVELOPMENT AGREEMENT (901 EL CAMINO REAL) REV: 04-23-25 VR Page 2 of 6 WHEREAS, on September 13, 2021, the City Council adopted Resolution 15984 to re-initiate the modified project which would still require a General Plan and DTPP Amendment; and WHEREAS, on June 26, 2023, in consideration of the Gatekeeper Projects (including 901 El Camino Real), the City Council adopted Resolution No. 16153, certifying the Final Subsequent Environmental Impact Report for amendments to the DTPP, referred as the “DTPP Plan Wide Amendments”, State Clearinghouse No. 2021090249 (“DTPP SEIR”), and adopting CEQA Findings of Fact, a Statement of Overriding Considerations, and a Mitigation Monitoring and Reporting Program and in conjunction, the City Council adopted and approved the amendments to the DTPP and amendments to the General Plan to ensure consistency between the DTPP and the General Plan; and WHEREAS, on June 26, 2023, the City Council adopted Resolution Nos. 16154 and 16155 and approved the General Plan Mixed Use Downtown and the DTPP Plan- Wide Amendments that evaluated the potential for new office development up to 1,167,100 sq. ft. in the DTPP area (including the redevelopment of 901 El Camino Real) and included a process change requiring City Council approval for any DTPP Large Project requesting a General Plan Amendment and that such projects would also negotiate a Development Agreement; and WHEREAS, the Project would create office space within the downtown and General Plan and DTPP Amendments are required by the DTPP to increase the Maximum Allowable Development office capacity currently allowed in the General Plan and DTPP; and WHEREAS, the Applicant applied for a General Plan Amendment, a Downtown Precise Plan (“DTPP”) Amendment, a Development Agreement, a Vesting Tentative Parcel Map to combine lots and adjust lot lines for Project site assembly, a Downtown Community Permit, a Use Permit, and a Planned Development Permit subject to Conditions of Approval to allow for the construction of the Project; 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”); and WHEREAS, the Applicant has proposed the donation of real property generally located at 920 Shasta Street (Assessor Parcel Number 053-343-110) and 122 Buckeye Street (Assessor Parcel Number 053-343-080) (“Affordable Site”). The Affordable Site is valued at Ten Million Dollars ($10,000,000). The Applicant proposes to donate the