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� ORBCnW�"��. <br /> EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT <br /> (Bradford Street Property) <br /> This Exclusive Negotiating Rights Agreement(this"Agreement")is entered into effective <br /> as of May 23, 2016 (the "Effective Date"), by and between the City of Redwood City, a charter <br /> city and municipal corporation (the "City") and MidPen Housing Corporation, a California <br /> nonprofit public benefit corporation (the "Developer"). City and Developer are collectively <br /> referred to herein as the "Parties" and sometimes individually as a"Party". <br /> RECITAL5 <br /> A. The City owns andJor controls the real property situated within the boundaries of <br /> the City's Downtown Precise Plan located on Bradford Street between Main Street and Jefferson <br /> Street, known as San Mateo County Assessor's Parcel Nos. 052-372-200, 052-372-170, 052-372- <br /> 240, 052-372-999, and depicted in Exhibit 1 attached hereto (the "Property"). A portion of the <br /> Property was conveyed to the City in trust and is subject to certain reserved rights held by the State <br /> of California. <br /> B. The City has solicited and evaluated development proposals for the Property, and <br /> based upon such evaluation,has selected Developer as the entity with which to enter into exclusive <br /> negotiations for redevelopment of the Property. <br /> C. Developer has proposed developing the Property with an affordable housing <br /> development that will include rental apartments and complementary uses and additional amenities <br /> (the"Project"). <br /> D. The purpose of this Agreement is to establish the procedures and standards for the <br /> negotiation of a potential disposition and development agreement ("DDA") that would address <br /> terms and conditions regarding: (i)the disposition of the Property from the City to Developer, (ii) <br /> Developer's development of the Project on the Property, (iii) affordability and occupancy <br /> restrictions that would apply to the Project, and (iv) potential City financial assistance for the <br /> Project. As more fully set forth below, this Agreement does not obligate the City to execute a <br /> DDA or convey the Property, or any portion thereof, to Developer, does not obligate the City to <br /> provide any form of financial assistance for the Project, nor does it grant Developer the right to <br /> develop the Project on the Property. <br /> AGREEMENT <br /> NOW, THEREFORE, in consideration of the mutual covenants and agreements contained <br /> in this Agreement and for other valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged,the Parties agree as follows: <br /> REV:05-18-16 VR <br /> ATTY/AGR.2016.103/MID PEN HOUSING <br /> Page 1 of 11 <br />