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<br />ATTY/AGR/2022.389/HARBOR VIEW PROJECT DEVELOPMENT AGREEMENT <br />REV: 10-28-2022 VR 10 <br />funds shall be used by City, for the study, design and/or construction of parks and recreational <br />improvement s within the City (“Parks and Recreation Contribution”). Developer shall make a <br />payment equal to $6,500,000 (one-half (1/2) of the Parks and Recreation Contribution), plus the <br />product of $6,500,000 times the percentage increase in CCI between the Effective Date and the <br />date on which such payment is made, to City prior to the issuance of the first certificate of <br />occupancy (temporary or final) for the first office building in the Project and shall make a payment <br />equal to $6,500,000 (one-half (1/2) of the Parks and Recreation Contribution), plus the product of <br />$6,500,000 times the percentage increase in CCI between the Effective Date and the date on which <br />such payment is made, to City prior to the issuance of the first certificate of occupancy (temporary <br />or final) for the second office building of the Project. <br />B. DEI Contribution. Developer shall pay to City One Hundred Fifty <br />Thousand Dollars ($150,000), plus the product of $150,000 times the percentage increase in CPI <br />between the Effective Date and the date on which such payment is made, which funds shall be <br />utilized by City to fund Parks and Recreation diversity, equity and inclusion efforts (“P&R DEI <br />Contribution”). Developer shall make the P&R DEI Contribution prior to the issuance of the first <br />office bui lding permit for the Project. <br />Section 3.4 Contributions for Education. <br />A. Education Foundation Contribution. Developer shall contribute Two <br />Hundred Thousand Dollars ($200,000), plus the product of $200,000 times the percentage increase <br />in CPI between the Effective Date and the date on which such payment is made, to the Redwood <br />City Education Foundation (“Education Foundation Contribution”). Developer shall provide <br />evidence acceptable to City that the Education Foundation Contribution has been made prior to <br />the issuance of the first office building permit for the Project. Such evidence may consist of a <br />cancelled check and a letter from the Redwood City Education Foundation acknowledging <br />payment has been made, or other evidence reasonably acceptable to City. <br />B. Reading Partners Contribution. Developer shall contribute One Hundred <br />Thousand Dollars ($100,000), plus the product of $100,000 times the percentage increase in CPI <br />between the Effective Date and the date on which such payment is made, to Reading Partners, or <br />if Reading Partners is no longer providing services to schools in Redwood City to another non- <br />profit organization promoting literacy efforts in Redwood City determined in City’s discretion, to <br />support reading education in Redwood City (“Reading Partners Contribution”). Developer <br />shall provide evidence acceptable to City that the Reading Partners Contribution has been made <br />prior to the issuance of the first office building permit for the Project. Such evidence may consist <br />of a cancelled check and a letter from the recipient acknowledging payment has been made, or <br />other evidence reasonably acceptable to City. <br />C. Early Child Education Contribution. Developer shall contribute Seven <br />Hundred Fifty Thousand Dollars ($750,000), plus the product of $750,000 times the percentage <br />increase in CPI between the Effective Date and the date on which such payment is made, to the <br />Sequoia Branch of YMCA for early childhood education programs; facility and enrichment <br />support for preschool and drop in childcare; and financial assistance for afterschool and day camp <br />programs (“YMCA Contribution”). Developer shall provide evidence acceptable to City that the <br />YMCA Contribution has been made prior to the issuance of the first office building permit for the