RecDoc2025-003096 Lane 1900 Broadway Owner LLC

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5:00 p.m. until 10:00 p.m.), on weekends (which consists of all day on Saturdays and Sundays), and all day on holidays (shall include all legal holidays as designated by the City). The Developer may charge an hourly fee for public use parking; however, said parking rate shall be not less than the hourly rate charged at the City's Jefferson Avenue Garage and shall not exceed one hundred twenty five percent (125%) of the hourly rate charged at the City's Jefferson Avenue Garage. 2. Retail Use. The underground parking garage shall designate at least thirty-five (35) parking spaces for retail use during the day (8:00 a.m. through 5:00 p.m.). The Developer may charge an hourly fee for the retail use parking; however, said parking rate shall be not less than the hourly rate charged at the City's Jefferson Avenue Garage and shall not exceed one hundred twenty five percent (125%) of the hourly rate charged at the City's Jefferson Avenue Garage. 3. Hotel Sequoia Use. Developer shall also designate at least twenty-five (25) parking spaces for the future renovated Hotel Sequoia, located at 800 Main Street, Redwood City, California, once constructed and operational. B. The Shared Parking Covenant, in a form approved by the City Attorney, may be executed by the City Manager on behalf of the City, and shall be recorded with the County of San Mateo County Recorder's Office before the first building permit is issued for the Project. Section 2.7 Subdivision Improvement Agreement. Developer's obligation to construct or cause the construction of, post improvement security, and provide warranties for the various on- site and off-site public improvements required by the Project Approvals and this Agreement shall be set forth in a subdivision improvements agreement ("Subdivision Improvement Agreement"), the form of which shall be reasonably acceptable to the City Attorney. The Subdivision Improvement Agreement shall be entered into by the Parties on or before approval of the first final subdivision map for the Project. Section 2.8 Other Offered Public Improvements. A. Purchase of City Parcel and Vacation of Spring Street Segment and Public Easements. As indicated in subsection (4) of Recital L above, the City Parcel has been designated to be exempt surplus land pursuant to Government Code Section 54221(i)(I)(B). As part of a Subsequent Approval of the Project, the City intends to take appropriate action to allow Developer to purchase the City Parcel located at Spring and Marshall Streets for the fair market value of Ten Million Seven Hundred and Fifty Thousand Dollars ($10,750,000), as part of the land assembly for the Project. As such, the parties anticipate entering into a subsequent purchase agreement ("Purchase Agreement") for the sale of the City Parcel. The Purchase Agreement shall be executed by the time the Developer requests a final map for the Project. The Developer shall also submit an application to the City to vacate and abandon the Spring Street Segment and Public Easements in order to create a "squared" parcel for development as depicted in Exhibit A. The application for the vacation and abandonment of the Spring Street Segment and the Public Easements shall be made prior to the time the Developer requests a final map for the Project. 12 ATTY/AGR/2024.193 - GATEKEEPER DA -1900 BROADWAY REV: 10-22-24 VR