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DEVELOPMENT AGREEMENT <br />This DEVELOPMENT AGREEMENT ("Agreement") dated for reference purposes as of <br />December 26, 2024 ("Agreement Date"), is entered into by and between Lane 1900 Broadway <br />Owner LLC, a California limited liability company, ("Developer") and the CITY OF REDWOOD <br />CITY, a California charter city and municipal corporation ("City"). Developer and City are <br />sometimes referred to individually herein as a "Party" and collectively as "Parties." <br />RECITALS <br />This Agreement is entered into on the basis of the following facts, understandings and <br />intentions of the Parties, and the following recitals are a substantive part of this Agreement and <br />incorporated herein; terms are defined throughout this Agreement as indicated in bold language. <br />A. In order to strengthen the public planning process, encourage private participation <br />in comprehensive planning and reduce the economic costs and risks of development, the <br />Legislature of the State of California enacted Government Code Section 65864 et sect. <br />("Development Agreement Law,"), which authorizes a city and a developer having a legal or <br />equitable interest in real property to enter into a binding, long-term development agreement <br />establishing certain development rights and obligations pertaining to real property. <br />B. Developer currently has a legal and/or equitable interest in approximately 48,771 <br />square feet of that certain real property commonly known as 1900 Broadway, Redwood City, <br />California, (Assessor's Parcel Numbers 053-231-210 and 053-231-200), depicted on Exhibit A <br />and more particularly described in Exhibit B-1 ("1900 Broadway"), 1900 Broadway is located in <br />the City's downtown, comprising the entire block bordered by Broadway, Main Street, Walnut <br />Street and Marshall Street, and is currently developed with a vacant commercial two (2) -story <br />commercial office and retail building and adjacent surface parking lot. Developer proposes to <br />acquire from the City an additional approximately 21,104 square feet of real property adjacent to <br />1900 Broadway ("City Parcel") which includes the Spring/Marshall Parklet and a segment of <br />Spring Street between Main and Walnut Streets ("Spring Street Segment") as depicted in Exhibit <br />A and more particularly described in Exhibit B-2. 1900 Broadway and the City Parcel are <br />collectively referred to herein as the "Property." <br />C. Developer proposes to develop the Property by constructing a seven (7) -story, 92 - <br />foot mixed -used commercial office building consisting of approximately 256,205 square feet of <br />development, including approximately 238,300 square feet of office, 10,060 square feet of ground <br />floor retail, 12,085 square feet of public plaza, approximately 1,000 square feet public community <br />room with an additional 715 square feet of storage for the City's use, and includes two levels of <br />underground parking (538 spaces) and 127 bicycle parking spaces in accordance with the approved <br />project plans included in the Project Approvals. Developer also proposes to purchase the City <br />Parcel and submit an application to vacate the Spring Street Segment and any existing public <br />access and utility easements on the Property ("Public Easements") to create a "squared" parcel <br />for development. This development and land assembly hereinafter is collectively referred to as <br />the "Project." <br />ATTY/AGR/2024.193-GATEKEEPER DA --1900 BROADWAY <br />REV: 10-22-24 VR <br />