Agmt20 HCP, Met Life, SCOA - Laserfiche WebLink

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of Covenants, Conditions and Restrictions for Seaport Centre San Mateo County, California recorded December 22, 1997 in the Oficial Records of San Mateo County as Instrument No. 97- 168756; and the Supplemental Declaration and Third Amendment to Master Declaration of Covenants, Conditions and Restrictions for Seaport Centre San Mateo County, California recorded May 3, 2017 in the Official Records of San Mateo County as Instrument No. 2017- 038386 (collectively, "CC&R's"). D. In or about 1984, the predecessors -in -interest of Met Life and HCP undertook construction of the existing Seaport Centre Levee improvements and related flood protection facilities ("Seaport Centre Levee") along the perimeter of Seaport Centre and certain adjacent City -owned property Iocated on Seaport Peninsula comprised of Assessor Parcel Numbers 054- 320-040, 054-320-500, and 054-320-510 and depicted on the Site Map as the "City Property" E. Following construction of the Seaport Centre Levee, City accepted ownership of the Seaport Centre Levee and established the Maintenance District (defined below) which includes the City Property and Seaport Centre to fund the ongoing operation and maintenance of the Seaport Centre Levee improvements and certain other Seaport Centre wet utility improvements comprised of Storm Drain System Improvements, Water Facilities and Sanitary Sewer Facilities (collectively, "Seaport Centre Wet Utilities") as each are described in Exhibit B attached hereto and incorporated herein. F. The Federal Emergency Management Agency ("FEMA") has provided updated maps for Redwood City residents and businesses that went into effect on April 5, 2019. Based on the updated FEMA maps more than 950 parcels, including the Property, are now included in a Special Flood Hazard Area in the 2019 Flood Insurance Rates Maps (FIRMS), when compared to the 2012 FEMA maps. As a result of the updated maps, Owners anticipate incurring substantially higher flood insurance costs unless the existing Seaport Centre Levee is raised and improved and also extended to provide flood protection of Seaport Plaza. To mitigate the impact of increased insurance costs, Owners and SCOA have requested the City work with Owners to provide a mechanism for the potential improvement and expansion of the existing Seaport Centre Levee as provided herein. G. The Parties now desire to enter into this Agreement to, among other things, provide for (a) SCOA's design and construction of (i) a levee and related flood protection facilities along the perimeter of Seaport Plaza facing Redwood Creek ("Seaport Plaza Levee Imeprovements"), (ii) improvements to (and, where necessary, replacement of) the existing Seaport Centre Levee (except for the inboard boundary with Seaport Plaza) ("Seaport Centre Levee Improvements" and, collectively with the Seaport Plaza Levee Improvements, the "Levee Improvements"); and (iii) SCOA's application for, processing and final accreditation by FEMA of the Seaport Centre Levee as improved and enlarged by the Levee Improvements (collectively, the "New Levee"); (b) City's acquisition of the Levee Improvements, following SCOA's satisfactory completion thereof, pursuant to a Purchase Contract ("Purchase Contract") in the form attached hereto as Exhibit C; (c) the establishment of a community facilities district ("CFD") under the authority of the City's Special Tax Financing Law ("Code"), the boundaries of which would include all real property within the area of the New Levee, for the purpose of levying a special tax on all nonexempt real property within the area of the New Levee OAK #4819-4834-1909 v20