RecDoc 2026-002924 Development Agreement 901 El Camino Real

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the associated land assembly of the JPB Exchange Property and Franklin Street Segment depicted in Exhibit B-1, and the City Parcel depicted in Exhibit B-2 are hereby collectively referred to as the "Property." C. Developer proposes to develop the Property by constructing a six (6) story mixed- use commercial office and research and development/laboratory project, consisting of approximately 305,225 square feet of office, 6,450 square feet for a teen center/multi-purpose space, and 3,900 square feet of open space area, including at least 342 below grade parking spaces, which includes 93 Level 2 EV Capable and 62 Level 2 EV CS Charging Stations with at least two (2) being van -accessible, and an additional 156 bicycle spaces (31 short-term and 122 long-term), and related parking and infrastructure including the Franklin Street Segment, all in accordance with the approved project plans in the Project Approvals, defined below in Recital M. This development and land assembly hereinafter is collectively referred to as the "901 EI Camino Real Project." The 901 EI Camino Real Project and the Affordable Housing Project are collectively referred to as the "Project." D. Developer or Developer's affiliate also has a legal and/or equitable interest in 920 Shasta Street (Assessor's Parcel Number 053-343-110) and 122 Buckeye Street (Assessor's Parcel Number 053-343-080), with a combined area of 0.82 -acres or 35,702 square feet, as more particularly described in Exhibit C ("Affordable Site"). The Affordable Site is located the Mixed - Use Transitional zoning district and designated as Mixed Use -Transitional under the City's current general plan ("General Plan"). The Affordable Site includes a self -storage facility and a three- bedroom single-family home and a two-bedroom caretaker's unit that are currently occupied. E. In order to satisfy the requirements of Article 29 of the Redwood City Zoning Code ("Affordable Housing Ordinance"), Developer has submitted an Affordable Housing Plan ("Affordable Housing Plan") and a Relocation Plan ("Relocation Plan") as part of its project approval application. In the Affordable (lousing Plan and Relocation Plan approved by the City prior to or concurrently with the approval of this Agreement, and as a condition o'fthis Agreement for the development of the 901 EI Camino Real Project, the Developer proposes to donate and transfer, the fee title to the Affordable Site to a City Council -approved qualifying affordable housing developer designee ("Affordable Housing Partner"), identified as Abode Communities, a California non-profit public benefit corporation, for the development of ninety-nine (99) affordable residential dwelling units and one (1) manager's unit, (hereinafter collectively referred to as the "Affordable Housing Project"). In compliance with the Affordable Housing Ordinance and Government Code Section 7260 et seq., and the Relocation Assistance and Real Property Acquisition Guidelines adopted by the California Department of Housing and Community Development and Title 25, California Code of Regulations Section 6000 et seg. ("California Relocation Assistance Law"), and subject to the terms of this Agreement and the Land Donation Agreement (defined below), the Developer and the Affordable Housing Partner agree to assume all obligations and costs as set forth in the Relocation Plan to provide assistance in relocating the existing occupants of the Affordable Site, as required by California Relocation Assistance Law. F. The Developer, the Affordable Housing Partner, and the City are concurrently entering into an Affordable (lousing Land Donation Agreement ("Land Donation Agreement"), attached hereto as Exhibit F, incorporated herein by this reference, in which the Developer agrees to transfer ownership of the Affordable Site to the Affordable Housing Partner subject to the terms ATTY/AGR/2025.085 —901 EL CAM INO REAL DA REV: 08-01-25 VR Page 2 of 48