RDA Agmt 2001 Batarse Family Trust UTA (2)

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Section 2. Section 1.03 entitled "Development of the Yokota Property," of Part Two entitled "The Development," of the Agreement is hereby amended by deleting Section 1.03 in its entirety and replacing it as follows: Section 1.03 Development of the Yokota Property The Agency shall acquire the portion of the property at 467, 505 and 517 Marina Boulevard (hereinafter the "Yokota Property") from its current owners for $9,500,000. The Agency shall convey the portion of the Yokota Property set forth in Exhibit C ( "Yokota Site A ") to Developer pursuant to the terms of this Agreement. The Agency shall convey the portion of the Yokota Property set forth in Exhibit C ( "Yokota Site B ") to Lavery California Dealership Properties No.1 L.L.C. pursuant to the terms of this Agreement. Agency shall work with Developer and the Adjacent Developer to adjust the lot lines between Yokota Site A and Yokota Site B to provide the Developer and Adjacent Developer as set forth in Attachment B to this Amendment. At a minimum, after the lot line adjustment, Developer's property shall be no narrower than 184 feet at the narrowest point. Such lot line adjustment shall be completed no later than December 1, 2001. Developer shall exercise his best efforts to negotiate in good faith with the owners of the former Hudson Lumber property, and the Adjacent Developer as necessary, to provide emergency vehicle access from the former Hudson Lumber property to Marina Boulevard. The Agency shall make an annual payment of tax increment funds to Developer (hereinafter "Annual Payment ") until Developer receives $600,000 in financial assistance. The Annual Payment shall be calculated as the amount equal to 50% of the net sales tax generated and received by the City of San Leandro, attributable to the Dealership. The payment shall be calculated and made on July 1 of each year. The payments shall not begin until the first July 1 after the Dealership generates at least $100,000 in sales tax. Should Health and Safety Code Section 33426.7 apply to any dealership located on the Yokota Site, the annual payments shall be reduced by the amount of any costs to the City of any sales tax sharing agreement required by Section 33426.7. Developer currently owns the property at 563 Marina Boulevard. Developer agrees to develop those properties in conjunction with the Yokota Site A into a dealership selling new and used automobiles pursuant to this Agreement. The dealership shall be of the same quality as the dealerships at 1314 Marina Boulevard and 1152 Marina Boulevard. The Agency shall reimburse Developer $100,000 for the cost of widening Marina Boulevard at 563 Marina Boulevard. 2