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Developer requests that the City approve the exercise of the additional five (5) year term to allow <br />additional time to complete the Project; and <br /> <br />F. Pursuant to Section 1.3.2 of the Development Agreement, the additional five (5) <br />year term extension must be approved first by the City of San Leandro Planning Commission. <br />The Planning Commission recommended approval of the five (5) year term extension on July 1, <br />2021 to the City Council; and <br /> <br />G. The City Council approved the additional five (5) year term extension to January <br />4, 2027 on September 7, 2021; and <br /> <br />H. The Project was originally contemplated as a rental project, and as such, Section <br />2.10 of the Development Agreement provides that Developer will not seek, and the City will not <br />approve, an application to convert the Project into any future subdivision of any or all individual <br />buildings in the Project into individual condominium units during the term of the Development <br />Agreement. To allow for more flexibility in the promotion of the Project, Developer requests the <br />City approve the deletion of Section 2.10, removing the foregoing restriction; and <br /> <br />I. The City Council approved the amendment of the Development Agreement to <br />delete Section 2.10 of the Development Agreement on September 7, 2021; and <br /> <br />J. After the date of the Development Agreement, and due to a change in state law <br />the City’s Inclusionary Housing Ordinance, San Leandro Zoning Code Chapter 6.04 became <br />enforceable, to apply the inclusionary zoning requirements to rental and for sale/ownership <br />housing projects; and <br /> <br />K. As provided by Development Agreement Section 2.4.2(c), in the event that “Future <br />Rules” are adopted by the City after the effective date of the Development Agreement, such <br />Future Rules shall apply to the Project upon the written consent of Developer; and <br />L. Developer is willing to consent to the application of the changes in the City’s <br />Inclusionary Housing Ordinance to the Project, and therefore the City’s Inclusionary Housing <br />Ordinance, as it exists as of the date of this First Amendment, is made part of the Development <br />Agreement by incorporation by reference in this First Amendment; and <br /> <br />M. Pursuant to Development Agreement Section 4.2, the Development Agreement <br />may be amended by the Parties. Major amendments shall be reviewed by the Planning <br />Commission for recommendation to the City Council, whose review and approval or denial shall <br />be final, pursuant to Development Agreement Section 4.4.1; and <br /> <br />N. Both Parties hereto desire to amend the Development Agreement, and formally <br />exercise the extension to the agreement, with the terms and conditions fully set forth below. <br /> <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which is hereby acknowledged, the Parties agree to amend the Development Agreement as <br />follows: <br /> <br />1. Pursuant to Section 1.3.2, the option to extend the Term of the Development <br />Agreement by five years is hereby exercised. The Term of the Development Agreement <br />shall end on January 4, 2027. There are no further options to extend the Term of the <br />Development Agreement remaining pursuant to Section 1.3.2. <br />112