AgdaPkt 2025.09.08 Joint SA PFA - Laserfiche WebLink

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REV: 08-26-25 VR 3.Red Zone and Orange Zone Minimum Parking Requirement. (a)The City represents and warrants to Developer that the number of public parking spaces available in the Red Zone and Orange Zone as of the Effective Date of this Third Amendment is approximately two thousand (2,000) as set forth in Exhibit A attached hereto. (b)Section VI of the Agreement, entitled “Protection of Parking Spaces in the Red Zone” shall be amended by deleting the number phrase “one thousand eight hundred fifty (1,850)” from the twelfth line of the first paragraph of said Section and replacing it with the number phrase “one thousand five hundred fifty (1,550)”. As a result of such amendment, beginning on the Effective Date and continuing through the Term of the Agreement, as renewed above, the City will operate and maintain a minimum of one thousand five hundred fifty (1,550) public parking spaces within the Red Zone and Orange Zone in accordance with City's obligations set forth the Agreement. (c)The City will notify Developer and Century in writing of the date upon which the number of public parking spaces available in the Red Zone and Orange Zone is reduced to one thousand five hundred (1,550) (such date is referred to as the “Reduced Parking Commencement Date”). Promptly following the first anniversary of the Reduced Parking Commencement Date, the City shall provide Developer and Century with parking count usage information (in a form similar to parking counts previously provided to Developer and Century) for the Red Zone and Orange Zone applicable for the one year period following the Reduced Parking Commencement Date (the “Measuring Period”). Following Developer’s and Century’s receipt and review of the parking count usage information provided by the City for the Measuring Period, Developer and Century shall determine in their reasonable discretion if the minimum number of public parking spaces in the Red Zone and Orange Zone can be reduced further, provided, however, in no event shall the minimum number of public parking spaces in the Red Zone and Orange Zone be less than one thousand two hundred fifty (1,250), unless agreed to by the Parties in writing and consented to by Century in writing. (d)If, following receipt and review of the parking count usage information, Developer and Century determine that the minimum number of public parking spaces in the Red Zone and Orange Zone can be reduced below one thousand five hundred fifty (1,550), then the Parties shall enter into a further amendment to the Agreement to reflect such reduction. 4.Block Two Parking Lot. (a)As contemplated in Section VII of the Original Agreement, the “Block Two Parking Lot” (as more particularly identified in the Original Agreement and incorporated herein) was sold by the City and developed as a mixed-use retail/commercial and office project known as the “Crossing 900 Project”, which Crossing 900 Project includes a parking garage (the “Crossing 900 Garage”). (b)On or about July 30, 2013, the City entered into that certain Disposition and Development Agreement (the “DDA”) with Redwood City Partners, LLC (“Crossing 900 Owner”) for the purchase by Crossing 900 Owner of the Block Two Parking Lot and for development of the Crossing 900 Project, including the Crossing 900 Garage. As such, the Crossing 900 Garage is a private facility not owned or controlled by the City (except to the extent of City’s rights in the Parking Agreement as set forth below). ATTY/AGR.2025/Amend. No.3/and RAR2 - BROADWAY AT REDWOOD CITY - CA, INC. (Page 2 of 5) 8.G. - Page 6 of 40 123