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RecDoc 2026-002924 Development Agreement 901 El Camino Real
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RecDoc 2026-002924 Development Agreement 901 El Camino Real
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3/17/2026 4:33:37 PM
Creation date
3/17/2026 4:29:08 PM
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Recorded Docs - Type
Agreement
Subject
Development Agreement - El Camino Real Holdings JV
Doc Num
2026-002924
Rec Date
1/20/2026
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(mm) "Partial Assignment of Development Agreement" has the meaning set <br />forth in Recital D above. <br />(nn) "Project Plans" has the meaning set forth in' Section 4.2(a) of this <br />Agreement. <br />(oo) "Purchase Agreement" has the meaning set forth in Section 2.2(a) of this <br />Agreement. <br />(pp) "Relocation Plan" is set forth in Exhibit B-2, and as defined in Recital K <br />above. <br />(qq) "SEIR" means the Subsequent Environmental Impact Report to the <br />Downtown Precise Plan, certified by the City Council by Resolution No. 16153 on June 26, 2023. <br />(rr) "Term" has the meaning set forth in Section 1.3 of this Agreement. <br />(ss) "Title Company" has the meaning set forth in Section 3.4 of this <br />Agreement <br />(tt) "Very Low -Income Household" means a household with an annual <br />Household Income no greater than the maximum income for very low income households, as <br />published annually by the City for each household size, based on either HUD income limits for <br />San Mateo County or the HCD income limits for San Mateo County, as applicable. <br />(uu) "Very Low -Income Rent" means the Affordable Rent permitted to be <br />charged for a Very Low -Income Unit, shall not exceed one -twelfth (1/12th) of fifty percent (50%) <br />of thirty percent (30%) of Median Income (as defined by CTCAC), adjusted for Assumed <br />Household Size, and as provided to the Developer annually by the City or as published by CTCAC <br />for 50% AMI households, as applicable. <br />(vv) "Very Low -Income Units" means Affordable Units required to be <br />occupied by Very Low -Income IIouseholds. <br />(ww) "901 El Camino Real. Project" has the meaning set forth in Recital C <br />above. <br />(xx) "901 El Camino Real Project Approvals" means all entitlements, plans, <br />maps, authorizations, development agreement, permits and approvals for the 901 El Camino Real <br />Project, approved pursuant to Resolution No. 16301 adopted by City Council on April 28, 2025 <br />and May 12, 2025, as described in Recital C above. <br />Section 1.2 Exhibits. The following exhibits are attached to this Agreement and <br />incorporated into this Agreement by reference as if hilly set forth herein: <br />Exhibit A-1: Affordable Site Legal Description <br />Exhibit A-2: Affordable Site Preliminary Title Report <br />Exhibit B-1: Affordable IIousing Plan <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Page 8 of 41 <br />
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