RecDoc 2026-002924 Development Agreement 901 El Camino Real

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by parcel map the exchange of its fee interest in the City Parcel to the Developer by quitclaim deed, in a form substantially similar to the form attached as Exhibit B-2. The City shall execute and deliver the quitclaim deed for the City Parcel promptly prior to the recordation of the parcel map consistent with the V"CPM, which will have required the City's approval of the required Subdivision Improvement Agreement (defined below) for the Franklin Street Segment, including all required improvement plans, permits and financial security. B. Upgraded SamTrans Bus Stop. As indicated in the Project Approvals, Developer shall design, construct, and relocate a new SamTrans bus stop at a new location to the south of the existing location on EI Camino Real, which includes an upgraded bus shelter design approved by SamTrans. C. Subdivision Improvement Agreement. Developer's obligation to construct or cause the construction of, post improvement security, and provide warranties for the various on- site and off-site public improvements required by the Project Approvals and this Agreement shall be set forth in a subdivision improvements agreement ("Subdivision Improvement Agreement"), the form of which shall be reasonably acceptable to the City Attorney. The Subdivision Improvement Agreement shall be entered into by the Parties on or before approval of the parcel map for the Project pursuant to the VTPM. Section 2.5 Sales Tax Point of Sale Designation. Developer shall use good faith efforts to the extent allowed by law to require all persons and entities providing bulk lumber, concrete, structural steel and pre -fabricated building components, such as roof trusses, used in connection with the construction and development of, or incorporated into, the Project, to: (A) obtain a use tax direct payment permit; (B) elect to obtain a subcontractor_ permit for the job site of a contract valued at Five Million Dollars ($5,000,000) or more; or (C) otherwise designate the Property as the place of use of material used in the construction of the Project in order to have the local portion of the sales and use tax distributed directly to the City instead of through the County -wide pool. Developer shall instruct each of its general or subcontractors to cooperate with the City to ensure the full local sales/Erse tax is allocated to City. To assist City in its efforts to ensure that the full amount of such local sales/use tax is allocated to the City of Redwood City, Developer shall provide City with an annual spreadsheet, or shall instruct their general or subcontractors to cooperate with the City in providing an annual spreadsheet, which shall include a list of all subcontractors with contracts in excess of the amount set forth above, a description of all applicable work, and the dollar value of such subcontracts. City may use said spreadsheet sheet to contact each subcontractor who may qualify for local allocation of use taxes to the City. Notwithstanding the foregoing, nothing in this Section 2.5 shall apply to tenants who perform their own tenant improvement work. In the event that City determines, after following the procedures in Article I 1 [Defaults; Remedies; Termination] of this Agreement, that the City has received less than the amount of sales/use taxes as required by this Section 2.5, Developer shall pay the amount of the delta within forty-five (45) days of receiving written notice from the City of the delta amount. This obligation shall terminate upon the completion of construction (as evidenced by the City's final inspection). The City shall provide any such written notice of the delta amount to the Developer within one (1) year of such completion of construction. If the City determines that the Developer owes the City any delta under this Section 2.5, Developer agrees to pay interest at the rate of six percent (6%) per annum of the payment due beyond the forty --five (45) day due date. The obligation ATTY/AGR/2025.085 —901 EL CAMINO REAL DA REV: 08-01-25 VR Page 15 of 48