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03/22/2011 Exhibit C ATTACHMENT 1 2. Issuance of Letter of Compliance Upon the receipt of a request for a Letter of Compliance, the CFD Administrator shall assign each building permit identified in such request to Land Use Classes 1 through 5 as listed in Table 2 below based on the type of use, Residential Floor Area, Location and, if applicable, Acreage (for each non - residential parcel) identified for each such building permit. If the CFD Administrator determines (i) that the number of building permits requested for each Land Use Class, plus those building permits previously issued for each Land Use Class, will not cause the total number of residential dwelling units or non- residential Acreage within any such Land Use Class to exceed the number of residential dwelling units or non - residential Acreage for such Land Use Class identified in Table 2 below, and (ii) that the total number of residential dwelling units anticipated to be constructed pursuant to the current Development Plan for CFD No 2010- 1 shall not be less than 231 residential dwelling units, and the amount of non- residential Acreage will not be more than 0.00 acres, then a Letter of Compliance shall be submitted to the City and/or property owner by the CFD Administrator approving the issuance of the requested building permits for the subject property. This Letter of Compliance shall be submitted to the City and/or property owner by the CFD Administrator within ten days of the submittal of the request for Letter of Compliance by the property owner. However, should (i) the building permits requested, plus those previously issued, cause the total number of residential dwelling units or the amount of non - residential Acreage within any such Land Use Class to exceed the number of residential dwelling units or the amount of non-residential Acreage for such Land Use Class identified in Table 2 below, or (ii) the CFD Administrator determines that changes in the Development Plan may cause a decrease in the number of residential dwelling units within CFD No 2010 -1 to below 231 residential dwelling units or an increase in the amount of non- residential Acreage to above 0.00 acres, then a Letter of Compliance will not be issued and the CFD Administrator will be directed to determine if a Buydown shall be required. The number of residential dwelling units and non - residential Acreage, as listed in Table 2 below, shall be updated by the CFD Administrator prior to the issuance of the first series of CFD No. 2010 -1 Bonds to reflect the current Development Plan for CFD No. 2010 -1. TABLE 2 Expected Residential Dwelling Units per Land Use Class and Non - Residential Acreage CFD No. 2010 -1 (One Marina) Land Use Residential Floor Number of Class Description Area (square feet) Location Units /Acres 1 Residential Property Less than 1,375 Non- Marina View 27 units 1,375 to less than 1,525 Non- Marina View 2 Residential Property 72 units Less than 1,375 Marina View 1,375 to less than 1,525 Marina View 3 Residential Property 117 units 1,525 or Greater NA 4 Below Market Rate Unit NA NA 15 units 5 Non - Residential Property NA NA 0,00 acres Community Facilities District No. 2010 -1 February 16, 2011 City of Redwood City (One Marina) Page 9 Reso # 15102 MUFF # 506