RecDoc 2022-044661 CONF TRS Elco Yards, Inc.

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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 2022-044661 CQNF County 3:00 pm 06/01/22 AG DR Fee: NO FEE Count of pages 19 Recorded in Official Records County of San Mateo Mark Church Assessor -County Clerk -Recorder 111111 I 111111111 1�11� �IIII Ill�� If f I� VIII If f ll Illif Plll� VIII Illi I I III ILII APN: 053-181-070, 053-181-110, 053-181-080, 053-181-090, 053-181-100 REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS (South Main Mixed Use- Parcel D) This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made and entered into as of _WX� L ag , 2022, by and between the City of Redwood City, a California charter city (the "City") and IQHQ TRS Elco Yards, Inc., a Delaware corporation (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 that includes 540 residential units including at least 147 affordable units, approximately 530,000 square feet of office, approximately 28,800 square feet of retail and approximately 8,400 square feet of childcare facility generally located between El Camino, Maple Street, Cedar Street and Main Street (the "Development"). The Property will be developed with 249 residential units. C. Under the Conditions of Approval for the Development, approved by Resolution No. 15908 adopted on November 16, 2020 by the City Council of the City of Redwood City ("Conditions of Approval"), Owner agreed to provide fifty (50) affordable units on the Property of which Nine (9) will be affordable to Very Low -Income Households, Twenty -One (2 1) will be affordable to Low Income Households and Twenty (20) will be affordable to Moderate Income Households (collectively the "Affordable Units"), which must conform with City Zoning Code Article 29 (Requirements for Affordable Housing). The Twenty -One (21) units affordable to Low Income Households are also subject to the Density Bonus Law (Government Code Section 65915 REV: 04-07-2022 SK ATTY/AGR.2022.066/IQHQ TRS Elco Yards, Inc. (Page 1 of 19)