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<br /> 4 <br /> <br /> <br />1.2. Property Subject to this Development Agreement. <br />The Property known as APN 075-0047-002-00, 075-0047-003-02, 075-0047-007-00, <br />075-0041-002-01, as more particularly described in Exhibit A and shown in Exhibit B, is subject <br />to this Development Agreement. <br />1.3. Term of the Agreement. <br />The term (“Term”) of this Development Agreement will commence upon the Effective <br />Date and continue in full force and effect for a period of ten (10) years, with one automatic <br />extension for another five (5)-year term upon completion of construction of Phase One of the <br />Project (defined in Section 1.4.3 below), unless earlier terminated as provided in this Agreement. <br />The Term has been established by the Parties as a reasonable estimate of the time required to <br />develop the Project and obtain the benefits of the Project. <br />1.4. The Project <br />1.4.1. General. The Project contemplates the construction of a phased <br />commercial and retail development, together with accessory automobile and bicycle parking and <br />other ancillary improvements described in this Section 1.4. <br />1.4.2. Martinez Street and West Estudillo Avenue Vacation and Improvements. <br />City and Developer shall enter into an agreement whereby City will vacate Martinez Street and <br />West Estudillo Avenue. The Project includes Developer’s construction and maintenance of <br />landscaping, green space and a bicycle path consistent with the East Bay Green Way plans, on <br />the eastern portion of the former footprint of Martinez Street (the “Martinez Street <br />Improvements”), as described in Exhibit C attached hereto and incorporated herein by this <br />reference. Prior to construction of the Martinez Street Improvements, Developer and City will <br />enter into a separate maintenance and improvement agreement that more fully describes the <br />Martinez Street Improvements and sets forth Developer’s obligations to maintain the Martinez <br />Improvements in more detail. The Martinez Street Improvements must be constructed prior to, <br />or concurrently with, and completed prior to occupancy of the Phase One Improvements (defined <br />below). <br />1.4.3. Phase One Improvements. Phase One of the Project consists of the <br />construction of a minimum six-story commercial office building with a minimum square footage <br />of 120,000 square feet that may include limited retail space of 12,000 square feet or less <br />(“Phase One Improvements”) . It is anticipated that Phase One Improvements will include all <br />of the following construction: <br />a. Construction of bundled parking up to a maximum ratio of 3.6 <br />parking spaces per 1,000 square feet of office or retail space. For the purpose of this Agreement, <br />“bundled parking” shall mean on-site parking spaces that are devoted to exclusive use by tenants <br />of the Project as part of their lease. Developer shall have the right to charge for all bundled <br />parking in the Phase One. The parking may be constructed as either surface parking, above <br />grade or below grade structured parking, as appropriate to accommodate the needs of Phase <br />One.