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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO City of Redwood City 1017 Middlefield Road Redwood City, California 94063 Attention: City Clerk 2020-065175 10:50 am 07/09120 AG Fee: NO FEE Count of Pages 27 Recorded in Official Records County of San Mateo Mark Church Assessor -Count Clerk -Recorder ) I !�Illlll�llllllllllll IIII I III III III I I I II II 111 Ill�l II II IIIII I I *$ R 0 0 0 2 8 8 0 3 8 3$ {Space Above This Line for Recorder's Use Only} Exempt from recording fee per Gov. Code § 27383. IMPROVEMENT AGREEMENT Broadway Plaza — Bay Block (CVS) THIS IMPROVEMENT AGREEMENT ("Agreement") is made and entered into on this day of. , 2020 ("Effective Date") by and between SI XX, LLC, a California limited liability company ("Developer"), and the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City") (together, the "Parties") with reference to the following facts: RECITALS A. Developer is the current fee owner of that certain real property consisting of approximately L9 acres located within the City of Redwood City, County of San Mateo, State of California, described in Exhibit "A", attached hereto and incorporated herein by reference (the "Property"). The property is being developed as a single -story 15,000 square -foot standalone CVS Pharmacy and surface parking lot ("Project"). B. On May 20, 2019, the City Council of the City of Redwood City adopted, among other approvals, Resolution No. 15769, approving the Vesting Tentative Map for the Broadway Plaza Project ("Master Project"), of which the Project is a part, prepared by Kier & Wright and dated March 15, 2019 ("Tentative Map"), subject to certain conditions of approval ("Conditions"). The Tentative Map includes the Property (which is part of the real property referred to in the Conditions as the Bay Block), and additional property owned by Developer northwest of Woodside Road across the street from the Property referred to in the Conditions as the Broadway Block. C. As indicated on the Vesting Tentative Map, there will be three (3) maps filed for the Master Project as follows: a parcel map will be recorded for the Bay Block (which includes the Property as a separate parcel), and a series of two (2) Final Maps will be recorded for the Broadway Block. The Conditions require either (1) that certain public improvements for the Project be constructed prior to approval of the parcel map for the Property ("Parcel Map"), or (2) that Developer enter into an agreement with City providing for the future construction of such public improvements. D. Developer has submitted the Parcel Map and applied to City for Parcel Map approval without having completed the required public improvements and, therefore, will REV: 05-22-2020 PR ATTY/AGR.2020.082/Broadway Plaza - Bay Block (Page 1 of 25)