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DEVELOPMENT AGREEMENT <br />This DEVELOPMENT AGREEMENT ("Agreement") dated for reference purposes as of <br />June 11, 2025 ("Agreement Date"), is entered into by and between EL CAMINO REAL <br />HOLDINGS JV, LLC, a Delaware limited liability company ("Developer"), and the CITY OF <br />REDWOOD CITY, a California charter city and municipal corporation ("City"). Developer and <br />City are sometimes referred to individually herein as a "Party" and collectively as "Parties." <br />RECITALS <br />This Agreement is entered into on the basis of the following facts, understandings, and <br />intentions of the Parties, and the following recitals are a substantive part of this Agreement and <br />incorporated herein; terms are defined throughout this Agreement as indicated in bold language. <br />A. In order to strengthen the public planning process, encourage private participation <br />in comprehensive planning, and reduce the economic costs and risks of development, the <br />Legislature of the State of California enacted Government Code Section 65864 el seq. <br />("Development Agreement Law"), which authorizes a city and a developer having a legal or <br />equitable interest in real property to enter into a binding, long-term development agreement <br />establishing certain development rights and obligations pertaining to real property. <br />B. Developer currently has a legal and/or equitable interest in the real property located <br />at 901 EI Camino Real, 947 EI Camino Real, and 999 EI Camino Real in Redwood City, California <br />(Assessor's Parcel Numbers 052-351-010, 052-351-020 and 052-351-030), as well as several <br />parcels underlying the existing California Street right-of-way and Winklebleck right-of-way, as <br />depicted in Exhibit A, attached hereto. <br />1 In addition, as part of the land assembly for development, Developer has <br />entered into a land exchange agreement ("JPB Exchange Agreement") with the Peninsula <br />Corridor Joint Powers Board ("JPB") to exchange a portion of the existing transit center parking <br />lot owned by JPB that is currently located to the east of the existing California Street (the "JPB <br />Exchange Property"), as depicted in Exhibit B-1, attached hereto, fora 17,100 square foot parcel <br />owned by Developer at 2529 Broadway which is not a part of the development project as <br />contemplated in this Agreement. <br />2 Concurrently with this Agreement, Developer has also obtained conditional <br />approval of a Vesting Tentative Parcel Map ("VTPM") that includes a condition for approval <br />requiring the City vacation of a portion of its existing California Street right of way that runs <br />between Winklebleck Street and James Avenue, and a portion of the existing Winklebleck Street <br />between California and James Avenue, by realigning and relocating access through creation of a <br />new segment of Franklin Street between California Street and James Street ("Franklin Street <br />Segment"), all as depicted in the VTPM. As provided herein, the Developer will exchange the <br />City's fee interest in an approximately 8,689 square foot property ("City Parcel") for the Franklin <br />Street Segment right -of --way easement and related design and construction of the street <br />improvements as depicted on the VTPM. The description of the City Parcel, with the form <br />Quitclaim Deed necessary to transfer the City's fee title of the City Parcel to Developer, are <br />collectively included in Exhibit B-2, attached hereto. The real property depicted in Exhibit A with <br />AT-FY/AGR/2025.085 —901 EL CAM I NO REAL DA <br />REV: 08-01-25 VR <br />Page 1 of 48 <br />