RecDoc 2026-002924 Development Agreement 901 El Camino Real

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4. The use of best efforts to employ union represented labor and local vendor preferences for all construction activities related to the 901 EI Camino Real Project. 5. The land acquisition of the JPB Exchange Property and the relocation and realignment of California Street to the new Franklin Street Segment to better align the City's public street grid and facilitate the JPB's acquisition of property through the land exchange between Developer and JPB. Q. A primary purpose of this Agreement is to assure that the 901 EI Camino Real Project can proceed without disruption caused by a change in City's planning policies and requirements following the Project Approvals and to ensure that the Community Benefits are timely delivered by Developer. The terms and conditions of this Agreement have undergone review by City staff, the Planning Commission, and the City Council at publicly noticed meetings and have been found to be fair, just, and reasonable and in conformance with the Development Agreement Law and the goals, policies, standards, and land use designations specified in City's General Plan and, further, the City Council finds that the economic interests of City's citizens and the public health, safety, and welfare will be best served by entering into this Agreement. R. For the reasons recited herein, City and Developer have determined that the 901 EI Camino Real Project is a development for which this Agreement is appropriate. This Agreement will eliminate uncertainty regarding Project Approvals, thereby encouraging planning for, investment in, and commitment to use and development of the Property. Continued use and development of the Property will in turn provide substantial employment, tax, and other public benefits to City. S. On April 15, 2025, the Planning Commission, the initial hearing body for purposes or development agreement review, considered this Agreement and made a recommendation for approval to the City Council. T. On May 12, 2025, the City Council adopted Ordinance No. 2547 approving this Agreement (the "Enacting Ordinance"), which was introduced on April 28, 2025, and adopted on May 12, 2025. NOW, THEREFORE, in consideration of the promises, covenants, and provisions set forth herein, the receipt and adequacy of which consideration is acknowledged, Developer and the City agree as follows: AGREEMENT ARTICLE 1. GENERAL PROVISIONS Section 1.1 Property Subject to the Agreement. All of the Property shall be subject to this Agreement. The Affordable Site shall also be subject to this Agreement subject to the extent provided in the Partial Assignment and Assumption Agreement. The Parties hereby acknowledge that, as of the Effective Date, Developer has a legal and/or equitable interest in the Property and the Affordable Site. Developer further agrees that all persons holding legal or equitable title in the Property shall be bound by this Agreement. A1TY/AGR/2025.085-901 EL CAMINO REAL DA REV: 08-01-25 VR Page 7 of 48