Agmt23 557 East Bayshore Road Settlement Agreement

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ATTY/AGR/SETTLEMENTS/2023/SETTLEMENT AGREEMENT - 557 E. BAYSHORE ROAD REV: 05-17-23 JB #216638140_v1 1 SETTLEMENT AGREEMENT 557 East Bayshore Road THIS SETTLEMENT AGREEMENT (this “Agreement”), dated for reference purposes as of May 15, 2023 (the “Effective Date”), is entered into by and between SyRES PROPERTIES LLC, a California limited liability company (“SyRES”), VILLASPORT LLC, a Colorado limited liability company (“VillaSport”), REDWOOD CROSSING LLC, a California limited liability company (“Redwood Crossing”), and SYUFY ENTERPRISES, a California limited partnership (“Syufy” and together with SyRES, VillaSport, and Redwood Crossing, “Developer”), on the one hand, and the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California, by and through its City Council (“City”), on the other hand. Each of SyRES, VillaSport, Redwood Crossing, and Syufy are sometimes referred to herein individually as a “Developer Entity.” Developer and City are sometimes referred to herein individually as a “Party” and collectively as the “Parties”. RECITALS This Agreement is entered into on the basis of the following facts, findings, and mutual understandings and intentions of the Parties. A. In January, 2019, Developer submitted an application to City for approval of a mixed-use development project within City located at and commonly known as 557 East Bayshore Road, APNs 052-520-330 and 052-520-160 (the “Project”). The application for the Project was deemed complete by City on August 23, 2019. B. The Project, located on approximately 14.36 acres owned by Redwood Crossing and/or another Developer Entity (the “Project Site”), includes two five-story multifamily buildings totaling 480 for rent apartment units (including 85 below market rate units), a fitness center, and outdoor use area, all as more particularly described in the following City files for the Project: Architectural Permit (File No. AP2019-012); Use Permit (File No. UP2019-001); and Vesting Tentative Map (File No. ZM2019-001). The Project and Project Site are generally depicted on the site plan attached hereto as Exhibit A and incorporated herein by this reference (the “Site Plan”). C. City has determined that the Project meets all applicable requirements and qualifies as a “housing development project” under the Housing Accountability Act (Gov. Code § 65589.5). D. On December 13, 2022, the City Planning Commission, following certification of the EIR for the Project and duly noticed public hearing, approved the Architectural Permit, Use Permit, Vesting Tentative Map, and Affordable Housing Plan for the Project (collectively, the “Project Permits”), and related findings and conditions of approval, by adoption of Planning Commission Resolution No. 22-15, a true and correct copy of which is attached hereto as Exhibit B (the “PC Resolution”). The Project Permits were not appealed or called up by the City Council and are fully effective.