Agmt13 LMI Redwood City Holdings

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.� AGREEMENT FOR SALE OF EXCESS RIGHT OF WAY THIS AGREEMENT FOR SALE OF EXCESS RIGHT OF WAY ("Agreement") is made by and between LMI REDWOOD CITY HOLDINGS, LLC, a Delaware limited liability company ("Buyer"), and the CITY OF REDWOOD CITY, a charter city and municipal corporation ("City") as of the Effective Date indicated under City's signature block, below (each a"Party"and collectively the "Parties"). RECITALS A. City owns certain real property located in the City of Redwood City, County of San Mateo, State of California, as shown and more particularly described in E�chibit A attached hereto and incorporated herein by reference (the "City Property"). The City Property is an approximately 1,327 square foot trapezoidal remnant that was created when Bradford Street was re-aligned to intersect Main Street at a right angle nearly seventy years ago. The City Property was not vacated as a public right-of-way at the time of Bradford Street's realignment and has since become underutilized and is no longer used for public travel. B. Buyer owns certain real property located at 601 Main Street, 623 Main Street, 845 Marshall Street, and 875 Marshall Street, City of Redwood City, County of San Mateo, State of California, Assessors Parcel Numbers ("APN") 052-377-040, 052-377-030, 052-377-080, 052-231-130, as shown and more particularly described in Exhibit B attached hereto and incorporated by reference herein (the `Buyer Property"). The Buyer Property abuts the City Property. C. Buyer proposes to construct a 196-unit residential development with 2,800 square feet of commercial space on the Buyer Property and to incorporate the City Property as part of the development site. D. After considering Buyer's development proposal, the City determined that vacation of the long underutilized City Property is in the best interest of the City because it will relieve City of maintenance obligations and potential liability associated with ownership of the City Property, and enable Buyer to build a better project. Accordingly, City desires to convey the City Property to Buyer consistent with the applicable provisions of its Municipal Code and Charter. E. On September 9, 2013, the City Council for the City of Redwood City ("City Council") adopted Resolution No. 15293, authorizing the City Clerk to publish and post notices of a public hearing on the vacation of the City Property in accordance with Streets and Highways Code sections 8320, 8322, and 8323. The Resolution also provided for a noticed public hearing on the question of vacating the City Property. F. On or about May 30, 2013,the Planning Commission adopted Resolution No. 13- 12 approving a tentative parcel map and a planned community permit for Buyer's proposed project at 601 Main Street. One of the Conditions of Approval imposed by the Planning Commission was that "[p]rior to approval of a Parcel Map, the public right of way at the corner ATTY/AGR/2013.174/RWC AGR FOR SALE OF EXCESS RIGHT OF WAY—601 MAIN REV:10-07-13 VR Page 1 of 14