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ATTY/RESO.0080/CC RESO ACCEPTANCE LEVEE IMPROVEMENTS REV: 10-17-25 VR Page 2 of 3 WHEREAS, a portion of the Levee Improvements is located on the property that is owned by City and identified as Assessor Parcel Numbers 054-320-040, 054-320-500, and 054-320-510; and WHEREAS, small portions of the Levee Improvements are located on the property that is adjacent to Seaport Plaza, identified as Assessor Parcel Number 054-320-550, and owned by Board of Trustees of the Leland Stanford Junior University (“Stanford”); and WHEREAS, before Owners started construction of the Levee Improvements, City approved the following: (i) engineering plans, drawings and specifications prepared by BKF Engineers and dated October 2, 2020 for construction of the Levee Improvements (which are referred to in the Levee Agreement as both the Engineering Plans and the Final Construction Documents), (ii) a pre-bid design and construction budget in the amount of $11,750,053.00, and (iii) the final bid package documents for the procurement of a general contractor to construct the Levee Improvements; and WHEREAS, prior to accepting the best value bid, Owners submitted and City approved a final budget for the Levee Improvements in the amount of $11,750,053.00; and WHEREAS, during construction of the Levee Improvements, City staff approved various change orders and adjusted the final budget for the Levee Improvements to $12,812,113 (“Final Design and Construction Budget”); and WHEREAS, as contemplated by the Levee Agreement, City, SCOA and Owners have entered into or will enter into a Purchase Contract for City’s acquisition of the Levee Improvements; and WHEREAS, the Levee Agreement provides that City will pay the Owners an Acquisition Price for the Levee Improvements; and WHEREAS, the Acquisition Price is the amount of $12,507,893; and WHEREAS, construction of the Levee Improvements has been completed to the satisfaction of the City Engineer, FEMA has accredited the Levee Improvements, and the other conditions precedent to closing of the Levee Improvements acquisition set forth in the Purchase Contract have been satisfied. NOW, THEREFORE, THE CITY COUNCIL OF REDWOOD CITY DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The above Recitals are true and correct. SECTION 2. All actions described in the Recitals and heretofore taken are hereby approved, confirmed, and ratified.