RecDoc 2026-002924 Development Agreement 901 El Camino Real

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Site, the City Council approved an Affordable Housing Plan, an Architectural Permit, Vesting Tentative Parcel Map, Density Bonus with associated Concessions and Waivers, with Conditions of Approval, an Affordable Housing Plan, Relocation Plan, Land Donation, and Land Donation Agreement. N. Pursuant to DTPP Section 2.0.3, the 901 El Camino Real Project qualifies as a "Large Project" within the DTPP given its size and height. Because the 901 EI Camino Real Project requested a General Plan Amendment to adjust the MAD Caps, a development agreement is desired to address alternative phasing for residential and nonresidential project components otherwise required by Section 29.6(B)(2) of the City's Affordable Housing Ordinance and to identify the community benefits offered by the 901 EI Camino Real Project, as summarized in Recital P below. O. Consistent with the Project Approvals, the Parties anticipate that during the Term of this Agreement, as defined in Section 3.2 below, and subsequent to the Effective Date, as defined in Section 3.t below, Developer shalt seek from the City certain subsequent land use approvals, entitlements, and permits as will be necessary or desirable for implementation of the 901 EI Camino Real Project and Affordable Housing Project, collectively referred to as "Subsequent Approvals," and as more particularly described in Article 9 of this Agreement. When any Subsequent Approval applicable to the Property is approved by the City, then such Subsequent Approval shall become subject to all of the terms and conditions of this Agreement applicable to the Project Approvals and shall be treated as part of the Project Approvals, as defined in Recital M above. P. City has determined that by entering into this Agreement, City will further the purposes set forth in the Development Agreement Law by, among other things, ensuring that the 901 El Camino Real Project will provide substantial community public benefits, (hereinafter referred to as "Community Benefits" and more particularly described in Article 2), as summarized below: 1. The donation of the Affordable Site for the development of ninety-nine (99) deed -restricted affordable units and one caretaker's unit at the Affordable Site, the appraised value of which is more than the Affordable Housing Impact Fee and includes sixty-eight (68) more units than what is required under the Affordable Housing Ordinance. a. Affordable Housing Project Timing Contingency/Voluntary Financial Contribution. As set forth in greater detail in Section 2.2.E below to the extent that the payment of the Ten Million Dollars ($10,000,000) exceeds the Developer's obligations to pay an Affordable Housing Impact Fee, which is currently estimated to be Seven Million, Two Hundred Eighty -Seven Thousand, Seven Hundred Seventy -Four Dollars ($7,287,774), the remainder amount shall constitute a community benefit for purposes of this Agreement. 2. The development and use of an -approximately 6,450 square feet teen center/multi-purpose space on the Property to be leased to the City for the City's use without rent. 3. The installation of a new upgraded SamTrans bus stop on EI Camino Real that will include an upgraded bus shelter design approved by San -Trans. AFfY/AGR/2025.085 —901 EL CAMINO REAL DA REV: 08-01-25 VR Page 6 of 48