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8.A. - Page 6 <br /> AGREEMENT FOR SALE OF EXCESS RIGHT OF WAY <br /> THIS AGREEMENT FOR SALE OF EXCESS RIGHT OF WAY ("Agreement") is <br /> made by and between LENNAR MULTIFAMII,Y INVESTORS, a California limited liability <br /> company (`Buyer"), and the CTTY OF REDWOOD CITY, a charter city and municipal <br /> corporation ("City") as of the Effective Date indicated under City's signature block, below (each <br /> a"Party" and collectively the "Parties"). <br /> RECITALS <br /> A. City owns certain real property located in the City of Redwood City, County of <br /> San Mateo, State of California, as shown and more particularly described in Exhibit A attached <br /> hereto and incorporated herein by reference (the "City Property"). The City Property is an <br /> approximately 1,327 square foot trapezoidal remnant that was created when Bradford Street was <br /> re-aligned to intersect Main Street at a right angle nearly seventy years ago. The City Property <br /> was not vacated as a public right-of-way at the time of Bradford Street's realignment and has <br /> since become underutilized and is no longer used for public travel. <br /> B. Buyer owns certain real property located at 601 Main Street, 623 Main Street, <br /> 845 Marshall Street, and 875 Marshall Street, City of Redwood City, County of San Mateo, State <br /> of California, Assessors Parcel Numbers ("APN") 052-377-040, 052-377-030, 052-377-080, <br /> 052-231-130, as shown and more particularly described in Exhibit B attached hereto and <br /> incorporated by reference herein (the `Buyer Property"). The Buyer Property abuts the City <br /> Property. <br /> C. Buyer proposes to construct a 196-unit residential development with 2,800 square <br /> feet of commercial space on the Buyer Property and to incorporate the City Property as part of <br /> the development site. <br /> D. After considering Buyer's development proposal, the City determined that <br /> vacation of the long underutilized City Property is in the best interest of the City because it will <br /> relieve City of maintenance obligations and potential liability associated with ownership of the <br /> City Property, and enable Buyer to build a better project. Accordingly, City desires to convey the <br /> City Property to Buyer consistent with the applicable provisions of its Municipal Code and <br /> Charter. <br /> E. On September 9, 2013, the City Council for the City of Redwood City ("City <br /> Council") adopted Resolution No. 15293, authorizing the City Clerk to publish and post notices <br /> of a public hearing on the vacation of the City Property in accordance with Streets and Highways <br /> Code sections 8320, 8322, and 8323. The Resolution also provided for a noticed public hearing <br /> on the question of vacating the City Property. <br /> F. On or about May 30, 2013, the Planning Commission adopted Resolution No. 13- <br /> 12 approving a tentative parcel map and a planned community permit for Buyer's proposed <br /> project at 601 Main Street. One of the Conditions of Approval imposed by the Planning <br /> Commission was that "[p]rior to approval of a Parcel Map, the public right of way at the corner <br /> BWS Client Documents#4829-6313-9093 vl <br /> ATTY/AGR/2013.174/RWC AGR FOR SALE OF EXCESS RIGHT OF WAY—601 MAIN <br /> REV: 10-02-13 VR <br /> Page 1 of 14 <br />