RecDoc 2010-115130 (2) - Laserfiche WebLink

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3. Phasing — Retail and Residential. Paragraph 1.2 (b) of the Original Agreement is hereby amended to add the following: Notwithstanding any contrary provision of the Precise Plan or the Original Agreement, Developer (or Developer's successors in interest, as applicable) shall be permitted to: (i) construct the residential components of the Revised Project in phases, and (ii) determine the location and number of homes in each phase of the Revised Project, in Developer's sole discretion. The retail space will be developed in an integrated manner with the hotel on a site reserved for both such purposes and will require a separate PC permit and a tentative map to be submitted to the Planning Commission for review and approval. 4. Key Elements. Paragraph 1.2(g) of the Original Agreement is hereby amended to delete the following clause: (4) minimum ormaximum inner or outer esplanade dimensions; 5. Hotel On -Site Childcare Paragraph 1.3(f) (ii) of the Original Agreement is hereby amended in its entirety to read as follows: (ii) The Parties acknowledge that the developer /operator of the hotel anticipated to be developed on the Property (the "Hotel ") shall be responsible for providing for childcare services for Hotel employees by either: (i) providing a facility for childcare services (the "Hotel Childcare Facility ") either on -site at the Hotel or off -site within the Bair Island Road area (provided that in either case, the Hotel Childcare Facility shall be located at least 500 feet outside the US 101 right -of -way), or (ii) paying an in lieu fee to City based upon the number of rooms in the Hotel and the projected demand for childcare generated thereby as set forth below, and Developer shall have no responsibility therefor unless Developer is the developer /operator of the Hotel. The City has completed a comprehensive independent study which concludes that the childcare demand associated with a hotel of 200 guest rooms is estimated to be 30 children, of which one -half are expected to be school age, and the other half are expected to be infants and /or preschool age. Developer accepts this evaluation, and therefore, if Developer or the developer /Hotel operator, as applicable, elects to pay the in lieu fee, assuming that the Hotel consists of 200 guest rooms, the total obligation shall be $450,000 (equal to $15,000 times 30 children anticipated to need childcare) (the "Hotel Childcare Contribution "). If the Hotel consists of fewer than 200 guest rooms, the Hotel Childcare Contribution shall be ratably adjusted to an amount equal to $15,000 times the number of hotel guest rooms times a factor of 0.15. For example, if the number of guest rooms is 150, the Hotel Childcare Contribution shall be 150 x 0.15 x $15,000 = $337,500.) S:ATTY/AGR/2010.111 5 9/28/10 FINAL