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7.B Page 7 THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this "Amendment") is entered into effective as of , 2010 (the effective date of the ordinance approving this Amendment and hereafter the "Effective Date"), by and between the City of Redwood City, a municipal corporation ("City") and R. C. Peninsula Park, LLC, a Delaware limited liability company ("Developer"). Capitalized terms used without definition herein shall have the meaning ascribed to such terms in the Original Agreement (defined below). RECITALS A. Developer is the owner of certain real property I located in the City of Redwood City, County of San Mateo, and more particularly described on Exhibit 1 attached hereto and incorporated herein by reference (the "Property"). B. Pursua nt to California Government Code Section 65864, et seq., the City and Developer entered into that certain Development Agreement concerning development of the Property, dated as of February 13, 2008 (the "Original Agreement"). The Original Agreement was initially recorded in the Official Records of San Mateo County on April 9, 2008 as Instrument No. 2008-039357 and was subsequently re-recorded on July 28, 2008 as Instrument No. 2008- 086768. C. The Property is located within the area governed by the Peninsula Park Precise Plan, adopted by the City on December 17, 2007 by Resolution No. 14830 (the "Precise Plan.") A copy of the Precise Plan is attached to the Original Agreement as Exhibit B. D. The Precise Plan allows the Property to be developed with improvements consisting of up to 796 residential units, 10,000 rentable square feet of commercial retail space, and a hotel of up to 200 rooms, together with open space, streets, walkways, waterfront esplanades and ancillary facilities (the "Original Project"). E. On July 8, 2 003, the City Council certified an Environmental Impact Report for the Marina Shores Village Project (the "EIR"). A notice of determination for the EIR was filed on June 8,2004. On December 17,2007, the City Council approved an Addendum to the EIR (the "EIR Addendum") reflecting modifications to the project as it had been originally proposed and a Mitigation Monitoring Reporting Program and a Statement of Overriding Considerations. F. Subsequent to the approval of the Original Agreement, the Developer diligently pursued obtaining state and federal agency approvals and permits necessary to implement the Original Project, but certain of such agencies indicated that they will not issue permits that would allow development of the originally-planned 796 1483470.7 9-09-2010 PCl+PP Final 2