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City Draft <br /> 6128113 <br /> ISPOSITION AND DEVELOPMENT AGREEMENT <br /> (Block 2, Redwood Tower Project} <br /> THIS DISPOSITION AND DEVELOPMENT AGREEMENT {this "A�reement"} is <br /> dated as of , 2013 for reference purposes only, and is entered into by and between the <br /> CITY OF REDWO�D CITY, a charter city and Calxfornia municipal carporation (the "Citv"), <br /> and REDWOOD CITY PARTNERS, LLC, a California limited liability company [or SPE to he <br /> fon��td �rior �o cx�cution] {the "Develoner") {collectively, the "Parries," and each a "P�'}. <br /> The Parties enter into this Agreement with reference to the following recited facts (collectively, <br /> �'le"R0C1�5�" and each a"Recital"�: <br /> RECITALS <br /> A. The City currentty owns that certain real property generally focated along <br /> Middlefeld RoadlWinslow Street and the Caltrain railroad station in Redwood City, the majority <br /> of which is CURRENTLY used as a public parking lot{the "Citv Pronertv"), in substantially the <br /> form and size as rnore particularly described by the rnetes and bounds description attached to this <br /> Agreement as Exhibit A and shown on the Map of the Site attacl�ed to this Agreernent as <br /> Exhibit C, both of which exhibxts are attached hereto and incorporated herein by reference. The <br /> City Property constitutes the majority of an area commonly referred to as `Block 2." The exact <br /> legal description of the City Property shall be determined upon final parcelization of the City <br /> Property and shall be in substantially the same as that shown on Exhibits A and C. <br /> B. The Developer owns two parcels of real property on Block 2 that are not owned <br /> by the City, one of which is sornetirnes referred to as the "Restaurant Parcel_" and the other <br /> sometimes referred to as the "O�fice Parcel." The Restaurant Parcel and the Office Parcel <br /> (collectively, the "Developer_Pronert�') are more particular(y described in tk�e legal descriptions <br /> attached to this Agreement as Exhibit B and shown on the Map of the Site (Exhibit C). The <br /> City Property and the Developer Property are collectively referred to herein as the "Site." <br /> C. The Developer desires to acquire the City Property from the City, and d.evelop the <br /> Site for retaillcommercial and office uses. <br /> D. The City desires to sell and the Developer desires to purchase the City Property <br /> for the putpose of development of the Praject an the Site on the terms and conditions set forth in <br /> this Agreement. <br /> NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE <br /> RECEIPT AND SUFFiCIENCY OF WHICH THE PARTIES ACKNOWLEDGE, AND <br /> PURSUANT TO THE PROMISES AND COVENANTS SET FORTH IN THIS AGREEMENT, <br /> THE PARTIES AGREE, AS FOLLOWS: <br /> 82483.0000917571312.10 � <br />