Reso25-08 0106 PC Reso 1548 Maple DA 4th Amendment

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ATTY/RESO.0106/PC RESO 1548 MAPLE DA 4TH AMENDMENT REV: 11-13-25 VR Page 2 of 3 WHEREAS, while substantial progress has been made and COVID pandemic-era economic conditions have slowly improved, the real estate development market has not rebounded quickly enough to allow development of the Project to be completed within the current remaining term of the Development Agreement; and WHEREAS, in exchange for making certain commitments related to construction of the Blomquist Extension, Developer has requested an additional three year term extension (with the potential to receive an additional 2-year extension if certain Blomquist Extension milestones are achieved) to provide assurances to lenders and other financing partners that the Project can be completed within the term of existing Project entitlements; and WHEREAS, the proposed term extension will enable Developer to obtain financing to ensure that construction can commence and creates incentives for Developer to expedite construction of the Blomquist Extension; and WHEREAS, Developer and City desire to enter into a Fourth Amendment to Development Agreement in the form attached hereto as Exhibit A (“Fourth Amendment”) to, among other things, (i) extend the 8-year Initial Term of the Development Agreement by three (3) years to a total of 11 years in light of the above described delays in implementing the Project (with the opportunity for an additional 2 year extension if certain Blomquist Extension milestones are achieved), and (ii) provide for the conditional reduction of specified impact fees, subject to Developer meeting certain Blomquist Extension milestones; and WHEREAS, the Fourth Amendment is a major amendment requiring public hearings before the Planning Commission and the City Council because it extends the term of the Development Agreement; and WHEREAS, pursuant to California Government Code Section 65867, notices of the public hearing for this Fourth Amendment were mailed to the owner of the Property and all owners of real property shown on the latest equalized assessment roll within 300 feet of the Property at least ten (10) days prior to the hearing and a notice was published in the San Mateo Daily Journal at least ten (10) days prior to the hearing; and WHEREAS, on November 18, 2025, the Planning Commission held a public hearing at which time interested persons had an opportunity to provide comments on the proposed Fourth Amendment. NOW THEREFORE, THE PLANNING COMMISSION OF THE CITY OF REDWOOD CITY DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The recitals set forth above are true and correct and are hereby incorporated herein by this reference as if fully set forth in their entirety.