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7.1.F. - Page 147 <br /> RECORDING REQUESTED BY <br /> AND WHEN RECORDED RETURN TO: <br /> The City of Redwood City <br /> 1017 Middlefield Road <br /> Redwood City, CA 94063 <br /> Attn: City Manager <br /> [Fee Exempt-Gov't Code § 27383] <br /> (Space above for Recorder's Use) <br /> SHARED PARKING COVENANT <br /> THIS SHARED PARKING COVENANT ("Parking Covenant") is made and entered into <br /> as of the 12th day of May, 2014 ("Effective Date") by and between the CITY OF REDWOOD <br /> CITY, a charter city and California municipal corporation ("City") and Downtown RWC Res, <br /> LLC, a Delaware limited liability company("Developer"). <br /> RECITALS <br /> A. Developer is the current fee owner of that certain real property consisting of approximately <br /> 2.44 acres located within the City of Redwood City, County of San Mateo, State of California, described in <br /> Exhibit A, attached hereto and incorporated herein by reference(the"Property"). <br /> B. The City also has adopted a Downtown Precise Plan (the "Downtown Precise <br /> Plan"),which has certain parking requirements for development within downtown Redwood City. <br /> C. On November 18, 2013, the City Council of the City of Redwood City adopted, among <br /> other approvals,Resolution No.15305,approving development of 525 Middlefield Road("Project"),subject <br /> to certain conditions of approval("Conditions"). <br /> D. The Project consisted of a reduced amount of parking so long as the parking is "Shared <br /> Parking" made available to the public as well as the project. The Project consists of 600 parking spaces <br /> allocated between residential and commercial use. Fifty-two (52) spaces have been designated as <br /> commercial spaces. Of those fifty-two, eight (8) of the commercial parking spaces are to be "Shared <br /> Parking". <br /> E. As a result, the Conditions require, among other things, that a shared parking covenant be <br /> prepared,executed,and recorded prior to Final Map approval. <br /> F. The City and Developer desire that this Shared Parking Covenant shall be the <br /> instrument to set forth with specificity the parking obligations applicable to the Project under the <br /> Downtown Precise Plan. <br /> COVENANT <br /> 1. Covenants to Permit Public Parking. The Downtown Precise Plan provides that <br /> Developer may elect to provide "Shared Parking," ("Shared Parking") as defined in Article 2 of <br /> the Redwood City Zoning Ordinance to serve the Project, which Developer has elected to do. <br /> Developer shall comply with all the terms and conditions in the Downtown Precise Plan and <br /> City Zoning Ordinance applicable to Shared Parking, as may be amended from time to time. At a <br /> CITY ATTORNEY APPROVED VERSION 05-05-14 VR <br /> SHARED PARKING COVENANT FORM <br />