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' ORIGINAL <br /> LICENSE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY <br /> AND <br /> PREMIA 550 OWNER LLC <br /> THIS LICENSE AGREEMENT ("Agreement") is entered into as I � day of <br /> ` , 2015 (the "Effective Date"), by and between THE CITY OF REDWOOD CITY, <br /> a arter city and municipal corporation of the State of California ("CITY"), and PREMIA 550 <br /> Owner LLC, a California limited liability company("LICENSEE"). <br /> RECITALS <br /> A. CITY owns real property located at 707 and 777 Bradford Street, California, as <br /> more particularly described in Exhibit A attached hereto and incorporated herein by reference <br /> (°City Property"). <br /> B. CITY acquired the City Property from the Redwood City Redevelopment Agency, <br /> for the purpose of continuing the affordable housing redevelopment of the City Property. <br /> C. CITY remains committed to development of affordable housing on this site and is <br /> planning for a senior affordable housing project. In the interim, CITY does not currently use the <br /> Property for any particular purpose. <br /> D. CITY recognizes that there are currently short-term parking constraints arising <br /> from the pressure of new development in the Downtown. <br /> E. LICENSEE is the developer for the construction project located at 550 Allerton <br /> ("Project"), a 76,000 square foot office development. <br /> F. The CITY has improved, including the subgrade of, the City Property for interim <br /> parking uses to meet specific demands until the City Property can be developed as anticipated. <br /> G. During construction of the 550 Allerton Project, LICENSEE desires to use a <br /> portion of the City Property for construction worker vehicle parking of 40 spaces, as shown on <br /> the attached Exhibit B (°License Area"). <br /> H. CITY has determined that the temporary use proposed by LICENSEE provides a <br /> common benefit to the Downtown area. <br /> I. CITY is concurrently providing a license to Cahill Contractors to use a small <br /> portion of the City Property for construction worker vehicle parking (as shown on the attached <br /> Exhibit B). <br /> J. CITY is also concurrently providing a license to the County of San Mateo for their <br /> shared use of the License Area for 40 spaces of vehicle parking (as shown on the attached <br /> Exhibit B). <br /> K. CITY is willing to provide to LICENSEE a license to use License Area for <br /> construction worker vehicle parking purposes during construction of the 550 Allerton Project, all <br /> on the terms set forth herein. <br /> REV: 11-30-15 VR <br /> Page 1 of 12 <br /> ATTY/AGR.2015.265/PREMIA DEVELOPERS/BRADFORD PARKING <br />