Laserfiche WebLink
JUL 29 20i <br /> 2016 -064205 <br /> t ty of Redwood City 2:25 pm 06/30/16 AG Fee: NO FEE <br /> RECORDING REQUESTED BY Cit)' Clerk Count of Pages 32 <br /> AND WHEN RECORDED gh :"'1''C3: �` "' • Recorded in Official Records <br /> County of San Mateo <br /> ) Mark Church <br /> City of Redwood City ) Assessor-County Clerk-Recorder <br /> 1017 Middlefield Road ) III I II II II I II III I II II II II <br /> Box 391 <br /> Redwood City, California 94064 } R o 0 o z z 3 2 1 9 8 <br /> Y� ) <br /> Attn : City Clerk ) <br /> ) 7 <br /> (Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> AFFORDABILITY AGREEMENT <br /> THl ` AFFO ' IAt ILITY AGREEMENT (this "Agreement") is made and entered <br /> into on kAi 2016 (the "Effective Date"), by and between <br /> FULLE • TREET -ARTNERS, LLC, a California limited liability company <br /> ("Developer"), and the CITY OF REDWOOD CITY (the "City"). <br /> RECITALS <br /> A. Developer is the owner of that certain real property in the City of Redwood <br /> City, County of San Mateo, California (the "City") located at 439 Fuller Street, as more <br /> fully described in Exhibit A attached hereto and incorporated herein by this reference <br /> (the "Property"). <br /> B . On March 18, 2014, the Planning Commission for the City of Redwood <br /> City approved a Downtown Planned Community Permit and Vesting Tentative Map for <br /> Condominium Purposes for the development of 439 Fuller Street consisting of <br /> approximately 124,000 square feet, 161 parking spaces, five stories and 131 residential <br /> units (the "Project"). <br /> C. Condition No. 10 of the Project conditions of approval requires payment of <br /> the park impact fee in the amount of $1 ,428,772.45 ("Park Impact Fee"). <br /> D . The City is authorized under state law to levy, and the Developer is <br /> obligated under City of Redwood City Municipal Code Section 18.258 to pay, the Park <br /> Impact Fee to offset impacts of the Project on parks and community facilities. <br /> E . Pursuant to Redwood City Municipal Code Section 18.258, the park <br /> impact fee accrued on March 18, 2014, upon approval of the first discretionary permit <br /> for the Project. <br /> F. Redwood City Municipal Code Section 18.259 provides for an affordable <br /> housing credit of the Parking Impact Fee for a development that includes affordable <br /> housing units, which credit is an equal to "the base amounts that would be imposed <br /> REV: 04-20-16 VR <br /> Page 1 of 29 <br /> ATTY/AGR.2016.081/Fuller Street Partners, LLC Affordable Housing Agreement <br />