RecDoc2025-000644 Regulatory Agreement and Declaration of Restrictive Coventants 557 E. Bayshore

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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attention: City Clerk NO FEE FOR RECORDING PURSUANT TO GOVERNMENT CODE SECTIONS 6103 AND 27383 APNs: 052-520-330 and 052-520-160 2025-000644 9:57 am 01/07/2025 AG DR Fee: NO FEE Count of Pages 28 Recorded in Official Records County of San Mateo Mark Church Assessor -County Clerk -Recorder II III 111 Il 111 11 111 I1 �11 ' 11 III 11 *$ R 0 0 0 3 5 3 3 3 3 0$* REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS (557 E. Bayshore - Building A) This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made and entered into as of 20-+ by and between the City of Redwood City, a California charter city and municipal corporation (the "City") and Redwood Crossing LLC, a California limited liability company (the "Owner"). RECITALS A. These Recitals refer to and utilize certain capitalized terms, which are defined in Article 1 of this Agreement. The Parties intend to refer to those definitions in connection with the use of capitalized terms in these Recitals. B. Owner is developing the certain property more specifically described in Exhibit A attached hereto ("Property") as part of a mixed use development project that proposes a total of 480 residential units, including at least 85 affordable units, and approximately 97,101 square feet of fitness center generally located at 557 E. Bayshore Road, Redwood City, CA (the "Development"). The Development proposes two residential buildings one with 222 residential units proposed to be located at 30 Century Court, of which at least 40 will be affordable units ("Building A"), and the other with 258 residential units proposed to be located at 20 Century Court, of which at least 45 will be affordable units (`Building B"), more particularly described in Exhibit B. C. Under the Conditions of Approval for the Development, approved by Resolution No. 22-15 adopted on December 13, 2022 by the Planning Commission of the City of Redwood City ("Conditions of Approval'), Owner agreed to provide a total of eighty-five (85) affordable units within the Development in Building A and Building B, of which twenty-one (21) will be affordable to Very Low -Income Households, twenty-one (21) will be affordable to Low Income REV: 10-23-24 JB Page 1 of 20 ATTY/AGR.2024.201/Redwood Crossing LLC (557 E. Bayshore Affordable Housing Agreement) (Page 1 of 27)