2014-043256 Rec Doc Shared Parking Covenant Downtown RWC Res

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2014-043256 , 8:49 am 05l20l14 AG Fee:NO FEE � Count of Pages B Recorded in Official Records County of San Mateo RECORDING REQUESTED BY Mark Church AND WHEN RECORDED RETURN TO: />ssessor-count Clerk-Recorder I III IIII III III I III IIIII Illll�illl IIIII IIIII IIIII II II III III) The City of Redwood City * R o 0 0 1 8 5 1 3 3 8 * 1017 Middlefield Road Redwood City, CA 94063 Attn: City Manager [Fee Exempt-Gov't Code § 27383] ? (Space above for Recorder's Use) � SHARED PARKING COVENANT n� THIS SHARED PARKING COVENANT ("Parking Covenant") is made and entered into as of the 12�` day of May, 2014 ("Effective Date") by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("Ciry") and Downtown RWC Res, LLC, a Delaware limited liability company("Developer"). RECITALS A. Developer is the current fee owner of that certain real property consisting of approximately 2.44 acres located within the City of Redwood City, County of San Mateo, State of California, described in E�ibit A,attached hereto and incorporated herein by reference(the"Property"). B. The City also has adopted a Downtown Precise Plan (the "Downtown Precise Plan"), which has certain parking requirements for development within downtown Redwood City. C. On November 18, 2013, the City Council of the City of Redwood City adopted, among other approvals,Resolution Na15305,approving development of 525 Middlefield Road("Project"), subject to certain conditions of approval("Conditions"). D. The Project consisted of a reduced amount of parking so long as the parking is "Shared Parking" made available to the public as well as the project. The Project consists of 600 parking spaces allocated between residential and commercial use. Fifty-two (52) spaces have been designated as commercial spaces. Of those fifty-two, eight (8) of the commercial parking spaces are to be "Shared Parking". E. As a result, the Conditions require, among other things, that a shared parking covenant be prepared,executed,and recorded prior to Final Map approval. F. The City and Developer desire that this Shared Parking Covenant shall be the instrument to set forth with specificity the parking obligations applicable to the Project under the Downtown Precise Plan. COVENANT 1. Covenants to Permit Public Parkin�. The Downtown Precise Plan provides that Developer may elect to provide "Shared Parking," ("Shared Parking") as defined in Article 2 of the Redwood City Zoning Ordinance to serve the Project, which Developer has elected to do. Developer shall comply with all the terms and conditions in the Downtown Precise Plan and City Zoning Ordinance applicable to Shared Parking, as may be amended from time to time. At a CITY ATTORNEY APPROVED VERSION 05-05-14 VR SHARED PARKING COVENANT FORM