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DOC #2022-0313126 Page 4 of 49 <br />STATE STREET VILLAGE <br />DEVELOPMENT AGREEMENT <br />THIS STATE STREET VILLAGE DEVELOPMENT AGREEMENT ("Agreement") is entered <br />into by the CITY OF REDLANDS, a California municipal corporation and general law city <br />(hereinafter "CITY"), and VPV STATE STREET VILLAGE, LLC, a Delaware limited liability <br />company (hereinafter "OWNER"). CITY and OWNER are sometimes referred to individually as <br />"Party" and collectively as "Parties." This Agreement is dated JU.L"( I' , 2022 for <br />reference purposes only; it will not become effective until the "Effective Date" (defined below). <br />RECITALS <br />A. CITY is authorized to enter into binding development agreements with persons <br />having legal or equitable interests in real property for the development of such property, pursuant <br />to Section 65864 et seq. of the Government Code. <br />B. OWNER has requested CITY to enter into a development agreement and <br />proceedings have been taken in accordance with the rules and regulations of CITY. <br />C. By electing to enter into this Agreement, CITY shall bind future City Councils of <br />CITY by certain of the obligations specified herein and limit the future exercise of certain <br />governmental and proprietary powers of CITY including the power of initiative. <br />D. The terms and conditions of this Agreement have undergone extensive review by <br />CITY and the City Council and have been found to be fair, just and reasonable. <br />E. The best interests of the citizens of the City of Redlands (the "CITY") and the <br />public health, safety and welfare will be served by entering into this Agreement. <br />F. All of the procedures of the California Environmental Quality Act have been met <br />with respect to the Project and this Agreement. <br />G. This Agreement and the Project are consistent with CITY'S Comprehensive <br />General Plan, as amended, and the Transit Villages Specific Plan, as adopted, provided the Specific <br />Plan is not more restrictive in terms of density or stories or heights than the other Project approvals. <br />H. All actions taken and approvals given by CITY have been duly taken or approved <br />in accordance with all applicable legal requirements for notice, public hearings, findings, votes, <br />and other procedural matters. <br />I. Development of the Property in accordance with this Agreement will provide <br />substantial benefits to CITY and will further important policies and goals of CITY. <br />J. This Agreement will eliminate uncertainty in planning and provide for the orderly <br />development of the Property, ensure progressive installation of necessary improvements, provide <br />for public services appropriate to the development of the Project, and generally serve the purposes <br />for which development agreements under Sections 65864 et seq. of the Government Code are <br />intended. <br />GNW\ 30726-0020\ 758683.5 5/19/2022 <br />17942.00145\34822272.7 <br />06/17/22 <br />1 <br />