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THIS PARKING COVENANT AND AGREEMENT ("Parking Covenant and <br /> Agreement") is dated for reference purposes only as of and made and <br /> entered into by and between the CITY OF REDWOOD CITY, a charter city and California <br /> municipal corporation ("City") and REDWOOD CTTY PARTNERS, LLC, a Delawaze limited <br /> liability company("Developer"). <br /> RECITALS <br /> A. City and Developer have entered into a Disposition and Development Agreement dated_ <br /> 2013 ("DDA") for the purchase by Developer of certain <br /> property owned by the City ("City Property"), the legal description of which is attached hereto <br /> as Exhibit A. The Developer also owns two parcels of property on the same block (the <br /> "Developer Property"). The legal descriptions of which are attached hereto as Exhibit B. <br /> Pursuant to the DDA, the City Property and the Developer Property shall be merged into a single <br /> legal parcel (collectively refeired to herein as the "Site") and the Developer shall develop the <br /> Site for retaiUcommercial and office uses and parking(the"Project"). <br /> B. The City previously entered into a Pazking Facilities Agreement with On Broadway <br /> Redwood City, LLC, dated July 12, 2004 and amended by a First Amendment to Parking <br /> Facilities Agreement, dated September 11, 2007. The original Pazking Facilities Agreement and <br /> the First Amendment are collectively referred to herein as the"Parking Facilities Agreement". <br /> C. Pursuant to the Pazking Facilities Agreement, the City is required to ensure that the <br /> developer of the City Property complies with certain parking requirements for the benefit of the <br /> public, and in particular, patrons of downtown businesses. . <br /> D. The City Property is currently improved with a surface parking lot providing 211 public <br /> parking spaces, but the Developer has agreed to provide a minimum of 290 parking spaces in <br /> accordance with paragraph VII.B. of the Pazking Facilities Agreement. <br /> E. The City also has adopted a Downtown Precise Plan (the "Dawntown Precise Plan") <br /> which has certain other parking requirements for development within downtown Redwood City. <br /> F. The City and Developer desire to enter into this Parking Covenant and Agreement to set <br /> forth with specificity the parking obligations applicable to the Project under the Pazking <br /> Facilities Agreement and the downtown Precise Plan and to help assure that there will be parking <br /> that supports both the Developer's Project and the downtown businesses. <br /> A.RTICLE 1 <br /> PARTIES:EFFECTIVE DATE <br /> 1.1 Effective Date of Agreement. This Pazking Covenant and Agreement <br /> ("Agreement") is dated as of , for reference purposes only. This Parking <br /> Covenant and Agreement will become effective upon execution by the parties ("Effective <br /> Date"). <br /> 2 <br /> 2013.118BLOCK 2 HUNTER STORM <br /> REV:07-26-13 PT <br />