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

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ATTY/RESO.0106/PC RESO 1548 MAPLE DA 4TH AMENDMENT – EXHIBIT A REV: 11-13-25 VR Page 2 of 4 County jail building; and 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 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, on November 18, 2025, the Planning Commission adopted PC Resolution No. ____ finding the provisions of the Fourth Amendment to be consistent with the City’s General Plan and recommending that the City Council adopt this Ordinance approving the Fourth Amendment; and WHEREAS, the Fourth Amendment is a major amendment requiring a public hearing before 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 ordinance 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 28, 2026, the City Council held a public hearing at which time interested persons had an opportunity to provide comments on the proposed Fourth Amendment.