Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

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AFFORDABLE HOUSING LAND DONATION AGREEMENT This Affordable Housing Land Donation Agreement (“Agreement”), executed and dated as of ____________________, 2025 (the “Execution Date”), is entered into by and among the City of Redwood City, a California charter city (“City”), El Camino Real Holdings JV LLC, a Delaware limited liability company (“Developer”), and Abode Communities, a California non-profit public benefit corporation, and its permitted successors and assigns (the “Qualified Designee”), with reference to the following facts: Recitals A. The following recitals (“Recitals”) refer to and utilize certain capitalized terms which are defined in the Recitals, the preamble of this Agreement, and Article 1 of this Agreement. The parties intend to refer to those definitions with the initial use in bold, and thereafter with capitalized terms. B. On June 25, 2018, the City adopted Ordinance 1130-375, the Affordable Housing Ordinance, set forth in Article 29 of the Redwood City Zoning Code, as amended (the “Ordinance”) which requires that specified new nonresidential development projects and residential development projects construct affordable units on-site or pay a housing impact fee as specified in Section 29.3 of the Ordinance (“Affordable Housing Impact Fee”). The Ordinance allows, under specified circumstances, a developer to propose alternative means of compliance, as set forth in Section 29.8 of the Ordinance. The City has also published Affordable Housing Guidelines, dated May 8, 2024, as amended (“Affordable Housing Guidelines” or “Guidelines”), to assist with the implementation of the Ordinance. C. Developer submitted an application for development of a project at 901 El Camino Real for a six (6) story mixed-use commercial office and research and development/laboratory project, consisting of approximately 305,225 square feet of office, approximately 6,450 square feet for a teen center/multi-purpose space and approximately 3,900 square feet of open space area and related amenities and infrastructure, (the “901 El Camino Real Project”), which is subject to the Ordinance. Concurrently with this Agreement, the City has approved the Affordable Development Project Approvals as defined in Recital M below. D. Concurrently approved with this Agreement, on May 12, 2025, the City approved the 901 El Camino Real Property Approvals and adopted Ordinance No. 2547 approving a Development Agreement By and Between City of Redwood City and El Camino Real Holdings JV, LLC in connection with the 901 El Camino Real Project (“Development Agreement”). As part of the Development Agreement, the Developer and the Qualified Designee are required to enter into a Partial Assignment and Assumption of Development Agreement (the “Partial Assignment of Development Agreement”), the form of which is attached as Exhibit G to the Development Agreement, upon the transfer of the Affordable Site to the Qualified Designee, in which the Qualified Designee shall assume the affordable housing rights, duties, and obligations of the Developer associated with the 901 El Camino Real Project Approvals under the Development Agreement for the 901 El Camino Real Project. ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Page 1 of 41 December 5