|
AFFORDABLE HOUSING LAND DONATION AGREEMENT
<br />This Affordable Housing Land Donation Agreement ("Agreement"), executed and dated
<br />as of 21 , 2025 (the "Execution Date"), is entered into by and among the City of
<br />Redwood City, a California charter city (the "City"), Lane 1900 Broadway Owner LLC, a
<br />California limited liability company ("Developer"), Lane 847 Woodside, LLC, a California
<br />limited liability company (Developer's "Affiliate Company" and hereinafter referred to as
<br />"Donor"), and Eden Housing, Inc., a California nonprofit public benefit corporation, and its
<br />permitted successors and assigns (the "Qualified Designee"), with reference to the following facts:
<br />Recitals
<br />A. The following recitals ("Recitals") refer to and utilize certain capitalized terms
<br />which are defined in the Recitals, the preamble of this Agreement, and Section 1.1 of this
<br />Agreement. The parties intend to refer to those definitions with the initial use in bold, and
<br />thereafter with capitalized terms.
<br />B. On June 25, 2018, the City adopted Ordinance 1130-375, the Affordable Housing
<br />Ordinance, set forth in Article q9 of the Redwood City Zoning Code, as amended (the
<br />"Ordinance") which requires that specified new nonresidential development projects and
<br />residential development projects construct affordable units on-site or pay a housing impact fee as
<br />specified in Section 29.3 of the Ordinance. The Ordinance allows, under specified circumstances,
<br />a developer to propose alternative means of compliance, as set forth in Section 29.8 of the
<br />Ordinance. The City has also published Affordable Housing Guidelines, dated May 8, 2024
<br />("Guidelines"), to assist with the implementation of the Ordinance.
<br />C. Developer submitted an application for development of a project at 1900 Broadway
<br />for a seven (7) -story mixed-use commercial office building consisting of approximately 256,205
<br />square feet of office, and including 10,060 square feet of ground floor retail, a 12,085 square feet
<br />of public plaza, an approximately 1,000 square feet public community room with an additional
<br />715 square feet of storage for the City's use, with two levels of underground parking (538 spaces)
<br />and 127 bicycle parking spaces, at the corner of Broadway and Main Street (the "1900 Broadway
<br />Project"), which is subject to the Ordinance. Concurrently with this Agreement, the City has
<br />approved certain entitlements on the 1900 Broadway Project, including but not limited to General
<br />Plan and Downtown Precise Plan Amendments, a Vesting Tentative Parcel Map, a Downtown
<br />Planned Community Permit, Use Permit, and the Affordable Housing Plan defined in Recital F,
<br />subject to Conditions of Approval (collectively, "the 1900 Broadway Project Approvals").
<br />D. Concurrently approved with this Agreement, on November 25, 2024, the City
<br />approved the 1900 Broadway Project Approvals and adopted Ordinance No. 2543 approving a
<br />Development Agreement By and Between City of Redwood City and Lane Partners LLC in
<br />connection with the 1900 Broadway Project ("Development Agreement"). As part of the
<br />Development Agreement, it is anticipated that the Developer and the Qualified Designee shall
<br />enter into a Partial Assignment of Development Agreement (the "Partial Assignment of
<br />Development Agreement"), in which the Qualified Designee shall assume the affordable housing
<br />rights, duties, and obligations of the Developer associated with the 1900 Broadway Project
<br />Approvals under the Development Agreement for the 1900 Broadway Project.
<br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT
<br />REV: 10-22-24 VR
<br />Pagel of 35
<br />
|