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' I <br /> THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this <br /> "Amendment ") is entered into effective as of September 27, 2010 (the effective date of <br /> the ordinance approving this Amendment and hereafter the "Effective Date "), by and <br /> between the City of Redwood City, a municipal corporation ( "City ") and R. C. Peninsula <br /> Park, LLC, a Delaware limited liability company ( "Developer "). Capitalized terms used <br /> without definition herein shall have the meaning ascribed to such terms in the Original <br /> Agreement (defined below). <br /> RECITALS <br /> A. Developer is the owner of certain real property, located in the City of Redwood <br /> City, County of San Mateo, and more particularly described on Exhibit 1 attached <br /> hereto and incorporated herein by reference (the "Property "). <br /> B. Pursuant to California Government Code Section 65864, et seq., the City and <br /> Developer entered into that certain Development Agreement concerning <br /> development of the Property, dated as of February 13, 2008 (the "Original <br /> Agreement "). The Original Agreement was initially recorded in the Official <br /> Records of San Mateo County on April 9, 2008 as Instrument No. 2008 - 039357 <br /> and was subsequently re- recorded on July 28, 2008 as Instrument No. 2008- <br /> 086768. <br /> C. The Property is located within the area governed by the Peninsula Park Precise <br /> Plan, adopted by the City on December 17, 2007 by Resolution No. 14830 (the <br /> "Precise Plan. ") A copy of the Precise Plan is attached to the Original <br /> Agreement as Exhibit B. <br /> D. The Precise Plan allows the Property to be developed with improvements <br /> consisting of up to 796 residential units, 10,000 rentable square feet of <br /> commercial retail space, and a hotel of up to 200 rooms, together with open <br /> space, streets, walkways, waterfront esplanades and ancillary facilities (the <br /> "Original Project "). <br /> E. On July 8, 2003, the City Council certified an Environmental Impact Report for <br /> the Marina Shores Village Project (the "EIR "). A notice of determination for the <br /> EIR was filed on June 8, 2004. On December 17, 2007, the City Council <br /> approved an Addendum to the EIR (the "EIR Addendum ") reflecting <br /> modifications to the project as it had been originally proposed and a Mitigation <br /> Monitoring Reporting Program and a Statement of Overriding Considerations. <br /> F. Subsequent to the approval of the Original Agreement, the Developer diligently <br /> pursued obtaining state and federal agency approvals and permits necessary to <br /> implement the Original Project, but certain of such agencies indicated that they <br /> will not issue permits that would allow development of the originally - planned 796 <br /> S: ATTY /AGR/2010.111 2 <br /> 9/28/10 FINAL <br />