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10/26/2020 <br />WHEREAS, Seaport Centre Owners' Association ("SCOA") is a nonprofit mutual <br />benefit corporation with authority to act on behalf of Met Life and HCP with regard to <br />Seaport Centre and Seaport Plaza in accordance with the Master Declaration of <br />Covenants, Conditions and Restrictions for Seaport Centre, as amended ("CC&R's"); and <br />WHEREAS, in or about 1984, the predecessors -in -interest of Owners undertook <br />construction of the existing Seaport Centre Levee improvements and related flood <br />protection facilities ("Seaport Centre Levee") along the perimeter of Seaport Centre and <br />certain adjacent City -owned property located on Seaport Peninsula comprised of <br />Assessor Parcel Numbers 054-320-040, 054-320-500, and 054-320-510 ("City <br />Property"); and <br />WHEREAS, following construction of the Seaport Centre Levee, City accepted <br />ownership of the Seaport Centre Levee and established a Maintenance District (defined <br />below) which includes the City Property and Seaport Centre to fund the ongoing operation <br />and maintenance of the Seaport Centre Levee improvements and certain other Seaport <br />Centre wet utility improvements ("Seaport Centre Wet Utilities"); and <br />WHEREAS, the Federal Emergency Management Agency ("FEMA") has provided <br />updated maps for Redwood City residents and businesses that went into effect on April <br />5, 2019; and <br />WHEREAS, based on the updated FEMA maps more than 950 parcels, including <br />the Property, are now included in a Special Flood Hazard Area in the 2019 Flood <br />Insurance Rates Maps (FIRMs), when compared to the 2012 FEMA maps, and as a result <br />Owners anticipate incurring substantially higher flood insurance costs unless the existing <br />Seaport Centre Levee is raised and improved and also extended to provide flood <br />protection of Seaport Plaza; and <br />WHEREAS, to mitigate the impact of increased insurance costs, Owners and <br />SCOA have requested the City work with Owners to provide a mechanism for the potential <br />improvement and expansion of the existing Seaport Centre Levee; and <br />WHEREAS, Owners, SCOA and City have prepared the Levee Financing and <br />ATTY/RESO.0120/CC RESO APPROVING MASTER LEVEE AGREEMENT <br />REV: 10-21-2020 VR <br />Page 2 of 7 <br />RESO. NO. 15900 <br />MUFF NO. 506 <br />