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4/6/98 <br /> <br /> ORIGINAL <br /> <br /> ORDINANCE NO. 2140 <br /> <br /> ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF FIRST <br /> AMENDMENT TO DEVELOPMENT AGREEMENT BETWEEN THE CITY OF <br /> REDWOOD CITY AND FLATIRONS FUNDING, LIMITED PARTNERSHIP, <br /> AND MAKING CERTAIN FINDINGS WITH RESPECT THERETO <br /> <br /> WHEREAS, the City of Redwood City and Flatirons Funding ("Flatirons") entered into <br />a "Development Agreement" as of November 7, 1991, recorded on November 8, 1996 and filed <br />as Document No. 96-138988, Official Records of San Mateo County, California, and approved <br />by Ordinance No. 2114 adopted September 16, 1996 to govern the development of the Property, <br />as described therein, (the "Property") located in the City of Redwood City, San Mateo County, <br />California, as is more particularly described in the First Amendment to Development Agreement <br />hereinafter referenced; and <br /> <br /> WHEREAS, on the date of recordation of the Development Agreement, Redwood <br />Shores, Inc. ("RSI"), was the owner of three common area lots (the "Old Common Area Lots") <br />adjacent to the Property which were not encumbered by the Development Agreement; and <br /> <br /> WTIEREAS, subsequent to the recordation of the Development Agreement, RSI <br />conveyed the Old Common Area Lots to the Shores Business Center Association (the <br />"Association"); and <br /> <br /> WHEREAS, on February 10, 1997, the City approved a final subdivision map for the <br />Property (the "Final Map") which was filed for record with the Recorder of San Mateo County <br />on March 27, 1997; and <br /> <br /> WHEREAS, upon the recordation of the Final Map, the Property was resubdivided into <br />14 parcels, of which five parcels (Lots A through E as shown on the Final Map), are new <br />common area lots (the "New Common Area Lots") replacing the Old Common Area Lots; and <br /> <br /> WHEREAS, immediately prior to the recordation of the Final Map, the Association <br />transferred legal title to the Old Common Area Lots to Flatirons conditioned upon the transfer of <br />the New Common Area Lots from Flatirons to the Association immediately after recordation of <br />the Final Map; and <br /> <br /> WHEREAS, the Old Common Area Lots were conveyed to Flatirons immediately prior <br />to recordation of the Final Map by grant deed dated March 17, 1997 and recorded on March 27, <br />1997 in the official records of San Mateo County as Document No. 97-034597; and <br /> <br /> WHEREAS, immediately after recordation of the Final Map, the New Common Area <br />Lots were conveyed to the Association by grant deed dated March 17, 1997 and recorded on <br />March 27, 1997 in the official records of San Mateo County as Document No. 97-0346061; and <br /> <br /> WHEREAS, the New Common Area Lots are described in Exhibit A attached hereto and <br />made a part hereof; and <br /> <br /> 2140 <br /> <br /> <br />