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ORDINANCE NO. P-291 ORDINANCE OF THE BOARD OF PORT COMMISSIONERS OF THE CITY OF REDWOOD CITY APPROVING AND AUTHORIZING EXECUTION OF FIRST AMENDMENT TO LEASE AGREEMENT WITH CENTRAL CONCRETE SUPPLY CO. INC. BE IT ORDAINED BY THE BOARD OF PORT COMMISSIONERS OF THE CITY OF REDWOOD CITY, AS FOLLOWS: Section 1. Public hearing having been duly noticed for, and held on August 24. 2022, on the question of approval of the first amendment (the "First Amendment") to the lease agreement dated November 27, 2013, for reference purposes only, by and between the City of Redwood City, acting by and through its Board of Port Commissioners as Landlord and Central Concrete Supply Co. Inc. as Tenant (the "Lease Agreement"), and pursuant to the provisions of Section 48 the Charter of the City of Redwood City, the Board of Port Commissioners of the City of Redwood City (this "Board") does hereby approve that certain First Amendment entitled "First Amendment to Lease Agreement (Central Concrete)" by and between the City of Redwood City, acting by and through its Board of Port Commissioners ("Landlord"), and Central Concrete Supply Co. Inc. ("Tenant"), which First Amendment provides in part that the terms under which Tenant occupies the premises located at 635 Seaport Blvd., (consisting of 1.47 acres more or less), City of Redwood City, County of San Mateo, State of California (the "Premises") and which Premises are generally described and depicted on Attachment "A," of the Lease Agreement, are modified as set forth below. The term of the Lease Agreement is extended for a period of Five (5) years (September 1, 2022 — August 31, 2027; the "Extended Term"); Tenant is granted an option to further extend the term for a period of Five (5) additional years (the "Option Period"); the monthly Basic Rent during the Extended Term starts at $25,439.40 with a 3% increase on each yearly anniversary date and the Basic Rent during the Option Period starts at $29,291.27 with a 3% increase on each yearly anniversary date; the Security Fee is increased to $400 per calendar month and is subject to an annual increase as determined in good faith by Landlord; Tenant will also pay Landlord the sum of One Hundred Thousand and no/100 Dollars ($100,000) in lieu of capital Porti Ord P-291 Central Concrete Form dated 08 02 22 FXS 108 24 22 Agenda