RecDoc 2021-108251 1548 Maple, LLC

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ARTICLE 1. DEFINITIONS Section 1.1 All capitalized terms used herein shall have the meanings given in the Development Agreement, except as expressly otherwise defined in this First Amendment. ARTICLE 2. SPECIFIC AMENDMENTS Section 2.1 Section 6.2.0 of the Development Agreement (Water Impact Fee Credits) is deleted in its entirety and replaced with the following: "C. Water Impact Fee Credits- The specific amount of Water Impact Fees will be determined based on the configuration of the individual units and the size of their corresponding water meters and, therefore, the precise amount of the Water Impact Fees cannot be finally determined at this time. The Offsite Water Line has two potential scopes: The "Full Offsite Water Line" and the "Alternative Offsite Water Line" as more particularly described and depicted on Exhibit "C" to this First Amendment. If the City obtains the County Authorization prior to the County Segment Outside Date, Developer shall construct the Full Offsite Water Line concurrently with the Blomquist - County Segment and Blomquist - Developer Segment. If the City does not obtain the County Authorization prior to the County Segment Outside Date, Developer shall construct the Alternative Offsite Water Line concurrently with the Blomquist — City Segment. The Parties agree, however, that in consideration of the Developer In Kind Contributions and, in particular, the water main upsizing work generally depicted and described in Exhibit "C" to the First Amendment, upon the Amendment Effective Date, Developer shall be entitled to a credit against Water Impact Fees in the amount of $202,131. If City obtains the County Authorization prior to the County Segment Outside Date, Developer shall be entitled to an additional credit against Water Impact Fees in the amount of $316,155 (for a total credit of $518,286) and Developer shall construct the Full Offsite Water Line. Notwithstanding anything to the contrary in the Municipal Code, the credit shall be applied against Water Impact Fees due upon permit issuance until the entire credit amount is exhausted. The Water Impact Fees payable by Developer shall be calculated based on the amounts and rates in effect on the Effective Date; provided, however, those amounts and rates shall be increased on January 1, 2019, and on January Is' of each year thereafter during the Term by the Default Escalator. Once the above referenced credit amount is exhausted, the Water Impact Fee shall be paid in full by Developer at the time of building permit issuance for each residential unit. if Developer is unable to exhaust the full credit amount by issuance of the final building permit, City shall provide Developer a cash reimbursement in the dollar amount of the unexhausted credit upon Developer's request after completion of the Offsite Water Line or Alternative Offsite Water Line, as applicable. In no event shall the sum of the credits and reimbursements exceed $518,286 (or $202,131 if Developer constructs the Alternative Offsite Water Line). The Parties agree that the reference to $518,286 in Exhibit "J" to the Development Agreement is a maximum credit/reimbursement and a lower credit/reimbursement in accordance with this Section 62.0 will be given if the Alternative Offsite Water Line is constructed in lieu of the Full Offsite Water Line." REV: 01-21-2021 PR ATTY/AGR.2021.Amend. No. 1/First Amendment to Strada Docktown Development Agreement (1548 Maple Street) (Page 3 of 10)