RecDoc 2011-155321 - Laserfiche WebLink

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; '. _ �;� � , � , � � 2011-155321 � ! ' RECORDING REQUESTED BY I 2:4o pm 12It5/11 AG Fea: No FEE '' AND WHEN RECORDED MAIL TO: i Count of Pagea 38 I I Recorded in Official Records � County oi San Mateo CITY OF REDWOOD CITY � Mark Church 1017 MIDDLEFIELD ROAD I Asaesaor-Count Clerk-Recorder I i • BOX 391 � IIII I I II II I III III�I IIII II I I I II II li REDWOOD CITY, CALIFORNIA 94064 � * R o 0 o i 3 � 3 6 e a+ � ATTN: CDBG/HOME Administrator I � --- - ------ —' I I i (Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 � � � � ' AFFORDABLE HOUSING AGREEMENT • � I THIS AFFORDABLE HOUSING AGREEMENT ("AgreemenY) is made as of September 22, 2011, by and between the CI7Y OF REDWOOD CITY (the "CITY") and j 333 MAIN STREET RWC, LLC, a Delaware limited liability company ("OWNER"), with I respect to certain real property consisting of approximately two and three tenths of an ; acre (2.3 acres) and located at 333 Main Street 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, Califomia Government Code section 65915 (the "Density i Bonus Law") directs cities to grant private developers density bonuses, incentives and concessions, use of statutory vehiclular parking standards and waivers of certain � development standards, for the production of below-market-rate housing; and � WHEREAS, the City has previously adopted a Mitigated Negative � Declaration pursuant to the California Environmental Quality Act and approved a Tentative I Subdivision Map and a Planned Community Permit pursuant to the provisions of Article 52 � of the Zoning Ordinance of the City (collectively, the Project Approvals") for the j construction of a common interest deveiopment, as described by Section 65915(b)(1)(D) of the Density Bonus Law, comprised of 132 residential units, in a singfe structure consisting of four residential floors over a partially-recessed parking garage on the ' Property (the "ProjecY'); and � i WHEREAS, OWNER has agreed to include seventeen (17) below-market- rate housing units affordable to persons and families of moderate income, comprised of i five (5) one-bedroom units, nine (9) two-bedroom units, and three (3) three-bedroom units, ' totaling 32 bedrooms (collectively, the "Affordable Units" and each. an "Affordable Unit") in i , the Project 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 4he AHP is attached hereto as Exhibit "B" and incorporated herein by this reference), and has asked the CITY for a'density bonus', allowing OWNER to construct more units than would be aliowed under the CITY's appiicable zoning requirements, two incentives or concessions, waivers of certain City development standards, and application of statutory parking standards as � provided for by the Density Bonus Law; and 1