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,. --O R I G I N A L 9 ~/96 ORDINANCE NO. 2114 ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND FLATIRONS FUNDING, LIMITED PARTNERSHIP (FLATIRONS FUNDING) WHEREAS, an application has been submitted by Electronic Arts Redwood, Inc. as agent for Flatirons Funding, Limited Partnership, for a Development Agreement for an office campus and associated improvements to be constructed on approximately 42.63- acre site at the comer of Redwood Shores Parkway and Twin Dolphin Drive ("Projecf'); and WHEREAS, the Development Agreement allows the City to seek public benefits that it might not otherwise be able to require through normal planning permits, while providing the Project applicant with long-term assurances that certain regulations will not change during the life of the Project; and WHEREAS, pursuant to the Development Agreement, the Project Applicant will be required to pay the City the sum of $400,000 for community purposes, to pay an estimated $6.5 million in Facilities Fees, and to provide other public benefits, all of which constitute sufficient consideration for the City's decision to enter into the Agreement; NOW, THEREFORE; THE COUNCIL OF THE CITY OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: Section 1. The foregoing recitals are true and correct. Section 2. This Council hereby finds, declares, and concludes as follows: (a) The proposed "Development Agreement Between Flatirons Funding, Limited Partnership and the City of Redwood City" ("Development Agreement") was reviewed by the Planning Commission after three duly-noticed public hearings and forwarded by said Commission to this Council with the recommendation that the Development Agreement be approved. (b) This Council held duly-noticed public hearings on the proposed Development Agreement on July 1, 1996 and on July 15, 1996, and on the Development Agreement as revised on August 26, 1996, at which hearings all EADAORD2.DOC g/~2/96 1