Reso25-02 0024 PC Reso 901 El Camino Real

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Page 2 of 42 D. a project at 901 El Camino Real, Redwood City, California to develop a six (6) story mixed-use commercial office and research and development/laboratory project (“901 El Camino Real Project”) which is subject to the Ordinance. E. Section 29.1.C.12 of the Ordinance recognizes that accepting land donations increases the sites with appropriate zoning, development standards, and infrastructure capacity to accommodate affordable residential developments within the City. F. The City approved an Affordable Housing Plan for the 901 El Camino Real Project, dated November 5, 2024 (the “Affordable Housing Plan”), which contemplates and allows for the land donation described in this Agreement. G. Abode Communities, a California nonprofit public benefit corporation (“Abode”) as predecessor-in-interest to Affordable Developer, the City and Donor entered into that certain Affordable Housing Land Donation Agreement, dated as of ________ __, 2025 (the “Land Donation Agreement”) under which the Donor agreed to donate; to Abode specified real property generally located 920 Shasta Street and 122 Buckeye Street , in the City, County of San Mateo, State of California, as more particularly described in Exhibit ”G-1” attached hereto and incorporated herein by this reference (the “Affordable Site”) to implement that Affordable Housing Plan for the 901 El Camino Real Project. H. On _______, 2025, the City adopted Ordinance No. ________ approving a Development Agreement By and Between the City of Redwood City and Developer in connection with the 901 El Camino Real Project (“Development Agreement”). Pursuant to that certain Partial Assignment of Development Agreement, dated as of ________, 2025 (the “Partial Assignment of Development Agreement”) Abode, as predecessor-in-interest to Affordable Developer, assumed the affordable housing rights, duties and obligations of the Donor associated with the 901 El Camino Real Project Approvals under the Development Agreement. I. Donor effectuated the transfer of the Affordable Site to Abode under that certain Grant Deed which is being recorded concurrently herewith. J. Under the Affordable Housing Plan, Abode agreed to develop the Affordable Site with, not less than approximately ninety-nine (99) affordable residential units (excluding the manager's unit) in such manner and subject to such income requirements as specified in the Affordable Housing Plan (the “Affordable Units”), required by the City in order to facilitate the entitlement and development of the 901 El Camino Real Project (the “Affordable Development”). The parties are entering into this Agreement in order to satisfy such requirements. K. The Ordinance requires for developments subject to the Ordinance that a minimum of five percent (5%) of the residential units be affordable and rented to Very Low-Income Household (as defined below), five percent (5%) of the residential units be affordable and rented to Low Income Households and a minimum of ten percent (10%) of the residential units be affordable and rented to Moderate Income Households as defined in the Ordinance. L. The City has adopted a Density Bonus Ordinance, set forth in Article 32 of the Redwood City Zoning Code, as amended to conform to the State Density Bonus Law (Government Code Section 65915-65918) (together the “Density Bonus Law”). The Density Bonus Law allows ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR