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DEVELOPMENT AGREEMENT Stanford in Redwood City This Development Agreement ("Agreement"), dated as of i � � ("Effective Date"), is entered into pursuant to the Development Agr ment Statute, by and between the City of Redwood City, a California municipal corporation ("City") and The Board of Trustees of the Leland Stanford Junior University, a body having corporate powers under the laws of the State of California ("Stanford University"). Stanford University and its successors in interest and Assignees ("Developer") and City are referred to individually in this Agreement as a"Party" and collectively as the "Parties". RECITALS This Agreement is entered into on the basis of the following facts, understandings and intentions of the Parties. A. Purpose. To provide reasonable assurance that project applicants will be able to proceed with development in accordance with existing policies, rules and regulations; strengthen the public planning process; encourage private participation in comprehensive planning; and reduce the economic risk of development, the Legislature of the State of California adopted Government Code sections 65864 et seq. (the "Development Agreement Statute"), which authorizes cities to enter into agreements for the development of real property with any person having a legal or equitable interest in such property in order to establish certain development rights in such property. This Agreement has been drafted and processed pursuant to the Development Agreement Statute. B. Developer's Interest in Property. Developer owns fee title to the approximately 35-acre site, bordered by 450 Broadway, Bayshore Freeway/US 101, 550 Broadway, Broadway, Douglas Avenue, Bay Road, Spinas Park and Fire Station No. 11, in the City of Redwood City, County of San Mateo, State of California, designated as APNs: 054-141-230, 054-150-140, 154- 150-120, 054-150-150, 054-150-160, 054-141-180, 054-141-220, 054-150-170, 054-150-190, 054-150-180 and the parcel referred to as common area parcel A, legally described in Exhibit A and shown on the map attached hereto as Exhibit B, which constitutes the entirety of the property that is subject to this Agreement ("Property"). The Property consists of 11 parcels, which are described and depicted on Exhibits A and B. C. Project. The Property comprises a portion of the former Mid-Point Technology Park. Consistent with the City's land use planning objectives, Developer desires to develop and use the Property by, among other things, constructing, developing and using the Property for administrative functions, offices, medical clinics and/or research and development facilities, all as more specifically set forth in the Existing Approvals (defined in Recital E below) ("Project"). The Existing Approvals include a Precise Plan governing development and use of the Property, which is a zoning document that establishes goals, policies, development standards and requirements, and urban design guidelines for the Property. Among other provisions, the Precise Plan allows: 1 ATTY/AGR/2013.134/STANFORD DEVELOPMENT AGREEMENT REV: 08-14-13 PT