RecDoc 2018-088890 Strada Development Agreement 1548 Maple, LLC

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Fee shall be increased on January 1, 2019, and on January I" of each year thereafter during the Term by the escalation amount identified in Exhibit J or in the absence of an identified escalation rate, the Default Escalator. The City shall consider payment of the Housing Impact Fees full and complete satisfaction of Developer's affordable housing obligations with respect to the Project. Section 3.5 Water Tank. Consistent with MMRP mitigation CUL -1, Developer, at its expense, shall (a) prepare or cause to be prepared and deliver to City a relocation and restoration plan for the "water tank" located on the Property; (b) relocate the water tank, including the metal tank itself and any supporting tank structure, but not the recent yacht club improvements or the immediately adjacent building, to one of the locations within the "Inner Harbor Area" designated on Exhibit H; and (c) weatherproof the tank to facilitate long term preservation of the structure. In addition to the foregoing requirements, Developer shall pay to City the sum of One Hundred Thousand Dollars ($100,000) ("Water Tank Payment") which City agrees to utilize for payment of costs associated with completion of all other obligations under MMRP mitigation CUL -1, including water tank restoration work and ancillary improvements in the vicinity of the relocated water tank. In addition, Developer shall pay City the sum of Two Hundred Fifty Thousand Dollars ($250,000) ("Maritime Community Payment") which City agrees to utilize for, subject to future City approval and environmental review, public access and community gathering spaces within the Inner Harbor Area that recognize the maritime history of the Inner Harbor Area. Developer shall substantially complete the work described in clauses (a) — (c) above and pay the Water Tank Payment and Maritime Community Payment to City prior to issuance of the first certificate of occupancy for a residential unit, or such later date as approved by the City Manager in his or her sole discretion. For the avoidance of doubt, Developer shall not be eligible to receive any credit towards Impact Fees for the cost of the water tank relocation and related work, the Water Tank Payment or the Maritime Community Payment. Section 3.6 Undergrounding of Utilities. Developer, at its expense, shall underground all existing overhead utilities on and fronting the Property. In the event Developer's reconfiguration of Maple Street, including resulting street elevation changes, result in insufficient clearance between the existing overhead wiring and ground level as reasonably determined by City, then Developer, at its expense and without receiving any credit towards Impact Fees, shall underground the existing overhead utilities along Maple Street adjacent to the City -owned parcel designated as APN 052-398-010 ("Offsite Undergrounding"). For the avoidance of doubt, Developer shall not be eligible to receive any credit towards Impact Fees for the cost of the Offsite Undergrounding work. Section 3.7 East 101 Infrastructure Improvements. Subject to the credits described in Section 6.2 below, prior to building permit issuance for each residential unit within the Project, Developer will pay to City a negotiated infrastructure improvement fee ("Infrastructure Improvement Fee") in the initial amount of Fourteen Thousand Six Hundred Ninety -Six Dollars ($14,696) per residential unit. The initial amount of the Infrastructure Improvement Fee shall be subject to escalation at the Default Escalator rate on January 1, 2019, and on January 1st of each year thereafter during the Term. Except as Developer may otherwise agree, City agrees to allocate the proceeds of all such Infrastructure Improvement Fees exclusively to East 101 area infrastructure improvements, such as the US 101 /SR 84 Interchange Improvement Project, planned Blomquist bridge, the potential further extension of Blomquist beyond the three extension 19 OAK 44843-3885-9090 V1 I ATTY/AGR/2018.094/STRADA DEVELOPMENT AGREEMENT REV: 07-27-18 VR Page 19 of 94