Affordable Housing Agreement 1409 ECR to be recorded

Browse Search

RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: CITY OF REDWOOD CITY 1017 MIDDLEFIELD ROAD BOX 391 REDWOOD CITY, CALIFORNIA 94064 ATTN: CITY CLERK (Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 AFFORDABLE HOUSING AGREEMENT THIS AFFORDABLE HOUSING AGREEMENT ("Agreement") is made as of , 2018, by and between the CITY OF REDWOOD CITY (the "CITY") and GS DILLER SUBSIDIARY, LLC, a Delaware limited liability company ("OWNER"), with respect to certain real property consisting of approximately 1.64 acres of land located at 1409 EI Camino Real in the City of Redwood City, County of San Mateo, California, as more fully described in Exhibit "A" attached hereto and incorporated herein by this reference (the "Property"). WHEREAS, the City Council of the CITY has approved a Downtown Planned Community Permit including two (2) guideline deviations (DPC2015-12), a Tentative Map (TM2015-09), and an Affordable Housing Plan (the "Project Approvals") to construct an 8 - story building with 350 apartment units (including 35 affordable units at the low income level), approximately 2,900 sq. ft. of ground floor retail space, and three levels of underground parking, located at 1409 EI Camino Real (the "Project"). WHEREAS, under the terms and conditions of the Project Approvals, OWNER is required to offer for rental 35 Affordable Units (defined below) as Low Income Rental Units in accordance with OWNER's Affordable Housing Plan (the "AHP") approved and accepted by the CITY as part of the Project Approvals. A copy of the AHP is attached hereto as Exhibit "B" and incorporated herein by this reference. WHEREAS, OWNER desires to enter into this Agreement in order to satisfy the affordable housing requirements of the Project Approvals including Condition of Approval No. 20.D and Chapter 18, Article XVII of the Redwood City Municipal Code (the Affordable Housing Ordinance"). WHEREAS, the CITY desires to enter into this Agreement in order to ensure that the required number of Affordable Units will be made available to and occupied by Qualified Lessees (defined below) in accordance with the terms and conditions of this Agreement. NOW, THEREFORE, for good and valuable consideration, OWNER and the CITY agree as follows: REV: 04-13-18 PR ATTY/AGR.2018.081/Gre y g star Affordable HousingPage 1 of 15 �{greement - 1409 EI Camino