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<br />ORIGINAL <br /> <br />AGREEMENT FOR THE FUNDING OF <br />OFF-SITE ROADWAY IMPROVEMENTS <br /> <br />(GOOD NITE INN) <br /> <br />THIS AGREEMENT FOR THE FUNDING OF OFF-SITE ROADWAY <br /> <br />IMPROVEMENTS (the "Agreement"), is entered into as of -.O"CE:"'Og~ J.;1 <br /> <br />1998, by and between the CITY OF REDWOOD CITY, a municipal corporation <br /> <br />of the State of California ("City"), and GOOD NITE INN REDWOOD, INC., a <br /> <br />California Corporation ("Owner"), relating to the funding of certain traffic <br /> <br />mitigation measures for the development of buildings (the "Addition") upon the <br /> <br />real property of Owner, (APN 052-420~ 150; 160) commonly referred as the <br /> <br />"Good Nite Inn" and more particularly described in Exhibit "A," attached hereto <br /> <br />and incorporated by this reference (the "Property"). <br /> <br />RECITALS <br /> <br />WHEREAS, the Property comprises approximately 1.25 acres located at <br /> <br />485 Veterans Boulevard in Redwood City, California; and <br /> <br />WHEREAS, the Planning Commission of the City adopted a Mitigated <br /> <br />Negative Declaration ("MND") addressing the development of a 44~room addition <br /> <br />(the "Project") to an existing 126-room hotel facility on May 19, 1998; and <br /> <br />WHEREAS, the MND included a Focused Traffic Impact Study which <br /> <br />determined that the Project will generate approximately 320 trips on a typical <br /> <br />weekday that will contribute to the existing congestion at and in the vicinity of the <br /> <br />Whipple AvenueNeterans Boulevard intersection; and <br /> <br />Agmt-212 <br />f/sh/sh/RC <br />FXS:rg <br />11/9/98. 12/14/98 <br />