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7C Page 222 THIS DEVELOPMENT AGREENIENT (this "Agreement") is entered into effective as of , 20 (the effective date of the Ordinance approving this Agreement and hereafter tl�e"Effective Date"),by and between the City of Redwood City, a municipal. cozporation oFthe State of California("City") and R. C. Peninsula Park, LLC, a Delaware lirnited liability company("Developer"). City and Developer are hereinafter refeired to as the "Parties." RECITALS Tl�is Agreement is entered into on the basis of the following facts, understandings a�nd intentions of the Parties: l. Developer is the owner of certain real property, located within the City and mare particula.rly described on Exhibit A attached hereto (the "Property"). 2. The Properly is located within the area governed by the Peninsul.a Park Precise Plan, adopted by the City on ,2007 by Resolution No. (as in effect on the Effective Date of this Agreemet�t, the "Precise Plan.") A copy of the Precise Plan is attached hereto as Exhibit B. 3. Pursuant to California Government Code Section 65864, et seq., the City has authority to enter into an agreeinent for the development of real property with any person having a legal or equitahle i��terest in such property ii� order to establish certain development rights in such property. 4. The Precise Plan allows the Developer to develop on the Property a project consisting of up to 796 residential units, 10,000 rentable square feet of commerczal retail space, and a hotel of up to 2U0 rooms, together with open space, strcets, walkways, waterfront esplanades and ancillary facilities, on tenns and conditions and subject to parameters described in the Precise Plan (tl�e "Project"). 5. I�� ord.er for tl�e Developer i:o be able to u;�dertalce the Project, and in particular to make the]arge investmei�ts in public improvements,benefits, services a��d ati�enities called for in the Precise Pla�1, the Developer must have assurances that, if the Developer is able to meet the requirements of the Precise Plan, the Developer will have sufficient time to complete the Project under stable and known rules. G. The City has determined that�Ilc development of the Project under the Precise P1an would achieve significai�t goals and objectives of the City's Iand use planning policies, in particular providing needed housii�g in a compact, attractively designed development located near existing development with public waterfront access, and that it is appropriate throu�.h this Agreement to miiirmize wzcertainty in planning �or and securing orderly development of the Property, assure constructioil and installation of necessary public improvcments and provision of public services appropriate to the development of the 1025843-6 1 DRAFT 12/12l07 3:Q0 PM