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Page 5 of 8 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />In summary, terms of the Fourth Amendment include the following: <br />1. Credit for work performed of the Bloomquist Extension of approximately $2M if the Developer meets <br />certain construction milestones: <br />A. Commence construction of the Blomquist Extension Work within 18 months of the Fourth <br />Amendment (estimated by mid-2027); and <br />B. Complete construction of the Blomquist Extension Work within 18 months of the construction <br />commencement date (estimated by early 2029). <br />2. Failure to meet the requirements of 1.A and 1.B. above, the Developer must pay all applicable impact <br />fees (without adjustment) for all remaining units to be constructed and repay City the difference <br />between the otherwise applicable (higher) impact fees and the alternative/adjusted (lower) impact <br />fees on any previously constructed units. <br />3. No certificate of occupancy for any residential townhome unit until the Blomquist Extension Work is <br />substantially complete. <br />4. Extends the expiration date of certain previously issued/existing building permits to April 15, 2027 <br />(see Table 5.4 on pages 6-7 of the Fourth Amendment). <br />5. Failure to complete construction of all public improvement work (including roadways) within 10 years <br />could result in the City initiating “reversion of acreage” proceedings and cancelling the previously <br />approved subdivision map (Government Code Sections 66499.11 et seq.). <br /> 6. As provided in Recital J of the Development Agreement, a Second Amendment to the Subdivision <br />Improvements Agreement (SIA) will memorialize and confirm satisfaction of the Blomquist <br />Contingencies. <br />For more specific details of the terms, please reference Attachment 2 (“Proposed Fourth Amendment to <br />Development Agreement”) <br />GENERAL PLAN CONFORMANCE <br />The General Plan (GP) land use designation for the property is Mixed Use Waterfront (MUW) which allows <br />for the creation of unique neighborhoods that take advantage of Redwood City’s Bay frontage. The mix <br />of allowed uses includes housing and supporting commercial businesses, hospitality and restaurant use <br />that attract visitors, and businesses that support marina functions. The General Plan Density for this <br />category is 40 dwelling units per acre with community benefits. Public access and open space amenities <br />are required along the waterfront, and internal pedestrian circulation of the neighborhoods should link <br />to the waterfront amenities. <br />The Project is found to be consistent with multiple General Plan Policies, Goals, and Programs including: <br />Policy BE-29.9; support increasing the connectivity of all travel modes in the areas east of US 101, <br />9.C. - Page 5 of 56 <br />549