Laserfiche WebLink
RECORDING REQUESTED BY <br />CITY OF REDWOOD CITY <br />AND WHEN RECORDED MAIL, TO: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attention: City Clerk <br />APN No. <br />2023-063043 <br />1:12 pm 11/2912023 AG Fee: NO FEE <br />Count of Pages 94 <br />Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />Assessor -County Clerk -Recorder <br />1111111 11111111111111111111111111111111111111111111111111111111111111111111111 <br />*$ R 0 0 0 3 4 1 7 3 4 0$* <br />(Space above for Recorder's Use) <br />This Affordable Housing Agreement is <br />recorded at the request and for the benefit <br />of the City of Redwood City and is exempt <br />from the payment of a recording fee <br />pursuant to Government Code Sections <br />27383 and 6103. <br />HOUSING AFFORDABILITY AGREEMENT <br />(Developer Agreement for On -Site Affordable Housing Units- Broadway Plaza Development) <br />This HOUSING AFFORDABILITY AGREEMENT ("Agreement") is entered into as of <br />o �B � 2&L, 2023, by and among the City of Redwood City, a California charter city <br />(the "City"), SI XX, LLC, a California limited liability company ("Developer") and SI 78, LLC, <br />a California limited liability company (the "Affordable Developer" and collectively with the <br />Developer, the "Developers"), with reference to the following facts: <br />RECITALS <br />A. These Recitals refer to and utilize certain capitalized terms which are defined in <br />Section 1 of this Agreement. The Parties intend to refer to those defmitions in connection with <br />the use of capitalized terms in these Recitals. <br />B. In June 2018, the City adopted Ordinance 1130-375, the Affordable Housing <br />Ordinance, set forth in Article 29 of the Redwood City Zoning Code (the "Ordinance") which <br />requires that residential development projects consisting of twenty (20) or more dwelling units <br />include on-site affordable units. Under this Ordinance, for rental projects such as the proposed <br />project, affordable units are to be provided as a percentage of total project units at the following <br />affordability levels of the Area Median Income: 10% of units at Moderate, 5% of units at Low, <br />and 5% of units at Very Low. In addition, the affordable housing impact fee for office space <br />construction is currently $23.62 per square foot of net new construction and the affordable <br />housing impact fee for retail and service space construction is currently $5.91 per square foot of <br />1199\10\3609857.1 <br />REV: 10-18-23 SK <br />j+c <br />