RecDoc 2018-088890 Strada Development Agreement 1548 Maple, LLC

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Extension; (iii) increased housing options for residents; and (iv) payment of fees for the purpose of developing affordable housing, bicycle, pedestrian and road circulation improvements. 1. For the reasons recited herein, City and Developer have determined that the Project is a development for which this Agreement is appropriate. This Agreement will eliminate uncertainty regarding Existing Approvals and Subsequent Approvals (as defined herein), thereby encouraging planning for, investment in, and commitment to use and development of the Property. Continued use and development of the Property will in turn provide substantial employment, tax, and other public benefits to City. J. The terms and conditions of this Agreement have undergone review by City staff, the Planning Commission, and the City Council at publicly noticed meetings and have been found to be fair, just, and reasonable and in conformance with the Development Agreement Law and the goals, policies, standards, and land use designations specified in City's General Plan and, further, the City Council finds that the economic interests of City's citizens and the public health, safety, and welfare will be best served by entering into this Agreement. K. On April 17, 2018, the Planning Commission, the initial hearing body for purposes of development agreement review, recommended approval of this Agreement to the City Council. On May 21, 2018, the City Council adopted Ordinance No. 2445 approving this Agreement. That Ordinance became effective on June 21, 2018. AGREEMENT NOW, THEREFORE, in consideration of the promises, covenants and provisions set forth herein, the receipt and adequacy of which is hereby acknowledged, the Parties agree as follows: ARTICLE 1. DEFINITIONS Section 1.1 Definitions. "Administrative Amendment" is defined in Section 9.7. "Affiliate of Developer" means an entity or person that directly or indirectly controls, is controlled by, or is under common control with Developer. For the purposes of this definition, "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise, and the terms "controlling" and "controlled" have the meanings correlative to the foregoing. "Agreement" means this Development Agreement. "Agreement Date" is defined in the preamble to this Agreement. "Agreement for Exchange of Real Property" means the agreement in the form attached hereto as Exhibit F. 9 OAK #4843-3885-9090 v 1 ATTY/AGR/2018.094/STRADA DEVELOPMENT AGREEMENT REV: 07-27-18 VR Page 9 of 94