Agmt 2012 Cal-Coast Companies LLC

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• Up to 16 two — three story townhomes along the 9 -hole golf course; • Up to 36 multi - family rental units on Fairway Drive and Aurora; • Library/Community Building; The residential units in phase 1 must be started along with the demolition, grading, site work and infrastructure improvements for the other phase 1 improvements. Grading and building permits will be issued concurrently for the entire first phase. The library/community building would be constructed in conjunction with the 46 residential units on Monarch Bay Drive and the 16 residential units along the golf course. The majority of the infrastructure improvements related to the applicable phase of the Project, including roads, lighting, landscaping, pedestrian pathways, would be completed prior to the issuance of a certificate of occupancy for residential units in the phase. The City may require Developer to execute an Improvement Agreement addressing completion of infrastructure related to future phases of the Project. Phase 2 — • A Cafe/boat rental facility (8,000 sf) on the former Boatworks site; • Up to a Project total of 250,000 square feet of Office and a Parking Structure • Up to 70 Homes on Fairway Drive o Up to 42 Two Story Single Family Detached Homes o Up to 28 Townhomes o Associated infrastructure Phase 3- • A mixed -use Office/Retail Building (40,000 sf) • The balance of the 250,000 square feet of office • Associated infrastructure The Parties acknowledge that development of the Site for the Project will require the grant of discretionary land use entitlements subject to the City's nomral review and approval process, that the Project must comply with CEQA, and that nothing in this Agreement is intended to or shall be interpreted as the grant of any approvals for development of the Project or the Site, or the modification or waiver of any City procedures or requirements. The Parties acknowledge that nothing in this Agreement shall be deemed a commitment by the City to enter into an agreement for conveyance of any interest in the Site or for the development of the Project. In addition, the Parties acknowledge that the final form of any agreement governing the leasing and development of the Site may contain matters not covered in this Agreement, and the provisions herein are not intended to exclude or preclude any other issues that may arise during negotiations. 6.1 Harbor Basin Redevelopment. As of the Effective Date, the City has not been able to identify sufficient funding to continue the dredging necessary to operate the 465 -berth boat harbor that currently occupies the basin. Deteriorating docks have been vacated due to safety concerns, and the boat harbor suffers from a high vacancy rate. While the City would like 1741070.3 5