Reso 2022-085 Approving Third Addendum and Planning Entitlements

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Code §§ 53311-53368.3) (the "Mello -Roos Act") in accordance with Section 1.5 of the DDA. Without limitation of the foregoing, the Developer acknowledges and agrees as follows: a. Formation of CFD; Estimated Maximum Total Tax Rate. The CFD is anticipated to be formed prior to the sale of the Property from the City to the Developer. Accordingly, the City is anticipated to be the sole landowner -voter in connection with the formation of the CFD. The Special Tax shall be established for the CFD in an amount, determined in the sole discretion of the City, that is sufficient to finance all or a portion of the Public Improvements (via CFD bonds and/or pay as you go) and services determined necessary by the City for the Project that are authorized to be financed under the Mello -Roos Act, pursuant to a rate and method of apportionment prepared by the City's special tax consultant. The special tax shall include an annual escalator and shall have no sunset date. b. Financing Public Improvements; Reimbursement of Expenses. The CFD may finance the design, acquisition and/or construction of Public Improvements necessary for development of the Project, which will include a share of the City's estimated future sea level rise mitigation costs, that are eligible for financing under the Mello -Roos Act, some of which Public Improvements may be constructed by the City and some of which may be constructed by the Developer. Bonds are expected to be issued by the CFD to finance Public Improvements eligible for financing under the Mello -Roos Act, as determined by the City, in consultation with the City's bond counsel, financial advisor and/or underwriter and subject to prevailing bond market conditions. The timing and amount of CFD bonds, if any, sold to finance the Public Improvements, and the prioritization of funding any particular Public Improvements, shall be in the sole discretion of the City. The parties agree that in connection with the issuance of CFD bonds, if any, to finance Public Improvements constructed and/or paid for by Developer to be acquired by the City, Developer and the City will enter into a funding and acquisition agreement in a form reasonably acceptable to the City's bond counsel setting forth, among other things, the requirements for and mechanism by which the Developer would be reimbursed. The Parties may also be reimbursed from CFD special taxes and/or CFD bond proceeds for any costs advanced in connection with the formation of the CFD, the issuance of any CFD bonds and related CFD costs, in the sole discretion of the City. c. Financing Public Services. The CFD may finance services attributable to the new development that are eligible for financing under the Mello -Roos Act, in the amounts determined in the sole discretion of the City. d. City's Reservation of Discretion. It is expressly acknowledged, understood and agreed by the Parties that the City reserves full and complete discretion with respect to the formation of the CFD, the issuance of any series of Bonds for the CFD, and the financing of facilities and services through the CFD. e. Developer's Cooperation; Notification to Future Purchasers. Developer agrees to cooperate with the City on any bond sale for the CFD for which information about the Developer and its development plans for the Project are requested by the City. Developer also acknowledges and agrees to provide notice to potential purchasers of land subject to the Special Tax required by applicable law, including, without limitation, Government Code Section 53341.5. 46. The Applicant/Developer shall submit a site lighting and street lighting plan prepared by an electrical engineer for review and approval of the City Engineer and Community Development Director prior to issuance of the Improvement, Utility, or Building permits, whichever comes first. The lighting plans shall show the location of all light sources, streetlight spacing, intensity of luminance, and uniformity ratio, in accordance with the City's specifications, and shall address, at minimum, the following: Recommended Conditions of Approval June 21, 2022 PLN22-0008, PLN21-0020 & PLN21-0021 Page 11 of 39