HomeMy WebLinkAbout4.10 - 3478 First Amendment to CBA for Cambria Hotel
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STAFF REPORT
CITY COUNCIL
DATE: November 17, 2020
TO: Honorable Mayor and City Councilmembers
FROM:
Linda Smith, City Manager
SUBJECT:
Amendment to the Community Benefit Program Agreement for the
Cambria Hotel Project
Prepared by: Hazel L. Wetherford, Economic Development Director
EXECUTIVE SUMMARY:
The City Council will consider approving a First Amendment to the Community Benefit
Program Agreement with VP-RPG Dublin, LLC for the Cambria Hotel Project that
includes a 90,700-square-foot, 138-room, four-story hotel on an approximately 76,000-
square-foot parcel located at 7944-7950 Dublin Boulevard. The Amendment includes a
term extension as well as clarifies language on the security deposit timing.
STAFF RECOMMENDATION:
Adopt the Resolution Approving a First Amendment to the City of Dublin Community
Benefit Program Agreement between the City of Dublin and VP-RPG Dublin, LLC.
FINANCIAL IMPACT:
None.
DESCRIPTION:
On June 2, 2020, the City Council adopted Resolution No. 50-20 (Attachment 3)
approving a Community Benefit Agreement between the City of Dublin and VP-RPG
Dublin, LLC for the Cambria Hotel that includes a 90,700-square-foot, 138-room, four-
story hotel on an approximately 76,000-square-foot parcel located at 7944-7950 Dublin
Boulevard.
The Community Benefit Agreement outlined what the Developer would contribute to the
City in exchange for the allocation of additional square footage from the development
pool. As discussed in the June 2, 2020 Staff Report, those community benefits have
been outlined in the form of employment, Transient Occupancy Taxes (TOT),
streetscape improvements, and a new Downtown monument sign.
• As it relates to employment and TOT, the hotel will supply approximately 50 new
full-time jobs to the community and generate new TOT revenue to the City. The
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hotel development could yield an estimated annual TOT of $450,000 or $2.5
million over five years. This estimate is based on an average occupancy rate of
75 percent and an average daily rate of $158 per hotel room.
• In terms of improvements, the Developer is proposing enhanced streetscape for
the drive aisle (in between the former Hooter’s building and the Video Only
building) into the property from Dublin Boulevard, creating a more welcoming and
inviting corridor into the property. The enhancements would include a new
uniform landscape plan, slurry, and striping. Additionally, the Applicant is working
in good faith with the three property owners to improve the easements in hopes
of adopting a streetscape improvement plan for the drive aisle from Regional
Street.
• Lastly, the Developer has agreed to the design, construction, and installation of a
new Downtown Dublin monument sign to be located on the corner of San Ramon
Road and Dublin Boulevard. This monument sign would be an entryway marker
identifying the Downtown from the west side of the City. The estimated cost for
the design, construction and installation of the sign is $200,000.
Due to the severe negative impacts of the COVID-19 pandemic, including but not limited
to the longer-term impacts on the hotel industry development and financing, the
Developer has experienced unexpected alterations to their operations and project
timelines. Therefore, the Developer is requesting an extension to the term of the
agreement for an additional year to June 2, 2023 plus the option of an additional one -
year extension for good cause, at the discretion of the City Manager, to June 2, 2024.
The current Community Benefit Program Agreement is set to expire on June 2, 2022.
Lastly, in addition to the term extension, language related to the security deposit has
been added to clarify that the deposit is due prior to issuance of the building permit for
the hotel project.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
A copy of this Staff Report has been sent to VP-RPG Dublin, LLC.
ATTACHMENTS:
1. Resolution Approving the First Amendment to the Community Benefit Agreement
Between the City of Dublin and VP-RPG Dublin, LLC
2. Exhibit A to Resolution - First Amendment to City of Dublin Community Benefit
Program Agreement
3. Resolution No. 50-20 Approving the Original Community Benefit Agreement
(attached)
Reso No. XXX-20, Item X.X, Adopted 11/17/2020 Page 1 of 2
RESOLUTION NO. XX- 20
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING A FIRST AMENDMENT TO THE CITY OF DUBLIN COMMUNITY BENEFIT
PROGRAM AGREEMENT BETWEEN THE CITY OF DUBLIN AND VP-RPG DUBLIN, LLC
WHEREAS, on June 2, 2020, the City Council adopted Resolution No. 50-20 approving a
Community Benefit Program Agreement between the City of Dublin and VP-RPG Dublin, LLC for
the Cambria Hotel project; and
WHEREAS, VP-RPG Dublin, LLC has proposed the construction of a Cambria Hotel that
includes a 90,700-square-foot, 138-room, four-story hotel on an approximately 76,000-square-
foot parcel located at 7944-7950 Dublin Boulevard; and
WHEREAS, in exchange for pulling 52,573 square feet of commercial square footage from
the commercial development pool, VP-RPG Dublin, LLC will contribute community benefits in the
form of employment, Transient Occupancy Taxes (TOT), streetscape improvements, and a new
Downtown monument sign; and
WHEREAS, due to the severe negative impacts of the COVID-19 pandemic, including but
not limited to impacts on the hotel industry development and financing, the Developer has
experienced unexpected alterations to their operations and project timelines; and
WHEREAS, the Developer is requesting an extension to the term of the agreement for an
additional year to June 2, 2023 plus the option of an additional one-year extension for good cause
at the discretion of the City Manager to June 2, 2024; and
WHEREAS, the current Community Benefit Program Agreement is set to expire on June
2, 2022; and
WHEREAS, in addition to term extension, language has been added as it relates to the
security deposit to clarify that the deposit is due prior to issuance of the building permit for the
hotel project.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby approve the First Amendment to City of Dublin Community Benefit Program Agreement
between VP-RPG Dublin, LLC and the City of Dublin as attached as Exhibit A to this Resolution.
BE IT FURTHER RESOLVED that the City Council authorizes the City Manager to execute
the agreement and gives the City Manager authority to execute any minor amendments to the
agreement, as needed, to carry out the intent of this Resolution.
PASSED, APPROVED AND ADOPTED this 17th day of November, 2020 by the following
vote:
AYES:
NOES:
Reso No. XXX-20, Item X.X, Adopted 11/17/2020 Page 2 of 2
ABSENT:
ABSTAIN:
___________________________________
Mayor
ATTEST:
_______________________________________
City Clerk
FIRST AMENDMENT TO
CITY OF DUBLIN COMMUNITY BENEFIT PROGRAM AGREEMENT
VP‐RPG Dublin, LLC, 7944‐7950 Dublin Boulevard
This First Amendment to the Community Benefit Program Agreement (“Agreement”) is entered into on
this day 17th of November, 2020, by and between the City of Dublin, a municipal corporation (“City”) and VP‐
RPG Dublin, LLC, a California limited liability company (“Developer”). City and Developer are, from time‐to‐
time, individually referred to in this Agreement as a “Party,” and are collectively referred to as “Parties.”
RECITALS
A. Developer is pursuing a 90,700 square foot, 138‐room, four‐story hotel (the “Project”) on approximately
a 76,000 square foot parcel referred to as 7944‐7950 Dublin Boulevard (the “Property”).
B. Developer and City are Parties to that certain Community Benefit Program Agreement, dated June 2,
2020 (“the Agreement”), in which the City, pursuant to its Downtown Dublin Specific Plan (“the Specific Plan”),
granted Developer excess development capacity in the form of 52,573 square feet of commercial square
footage to enable development of the Project in exchange for providing the City certain community benefits.
C. The community benefits of the Project include transient occupancy tax revenue, enhanced streetscape
for the drive aisle off of Dublin Blvd., and the design, construction and installation of a new Downtown Dublin
monument sign to be located on the corner of San Ramon Rd. and Dublin Blvd.
D. Due to the severe negative impacts of the COVID‐19 (Coronavirus) pandemic, including but not limited
to impacts on hotel industry development and financing, the Developer has experienced unexpected
alterations to their operations and project timelines.
NOW, THEREFORE, with reference to the foregoing recitals and in consideration of the mutual promises,
obligations and covenants herein contained, City and Developer agree as follows:
AGREEMENT
Section 1. Amendment to Subsection 2.2, Term. Subsection 2.2 of the Agreement is hereby amended
to read as follows:
“Term.
The term of this Agreement shall commence on the Effective Date and shall extend until the earlier of
the following: 1) the Developer has provided the Community Benefit to the City as provided in Section 3 of this
Agreement, 2) any of the Project Approvals expires, or 3) three years after the Effective Date if no building
permit has been issued for the Project plus the option of an additional one‐year extension for good cause at
the discretion of the City Manager.”
Section 2. Amendment to Section 4, Security Deposit. of the Agreement is hereby amended to read as
follows:
“Security Deposit. Prior to issuance of the building permit of the Project, Developer shall furnish City a
corporate surety bond issued by a company duly and legally licensed to conduct a general surety business in
the State of California, or an instrument of credit equivalent to $200,000. Said security is intended to secure
the provision by the Developer of the Community Benefit described in Section 3 of this Agreement. If
Developer fails to provide the Community Benefit during the term of this Agreement, the deposit shall be
forfeit, and City shall have no obligation to return it to Developer. However, City shall return the entire deposit
if this Agreement expires without any development of the Project by the Developer or if the Developer elects
in writing to abandon its rights under the Project Approvals and this Agreement at any time prior to the
expiration of the Agreement, in which case the Agreement shall automatically terminate.”
Section 3. Life of Site Development Review Approval. The Project includes site development review
approval, which the City Council approved by Resolution No. 49‐20 on June 2, 2020. Dublin Municipal Code
section 8.96.020.D provides that construction pursuant to a site development review approval must
commence within one year of approval or the approval becomes null and void. The section further defines
commencement to mean either actual construction or “demonstrating substantial progress toward
commencing such construction…” Under the unique circumstances here involving the COVID‐19 pandemic, the
City Council hereby finds that Developer demonstrated “substantial progress toward commencing”
construction of the Project within one year of the site development approval for the Project and thereafter has
and will continue to do so throughout the term of the Agreement.
Section 4. Full Force and Effect. Except as specifically clarified, confirmed or modified herein, the
Agreement shall continue in full force and effect according to its terms.
Section 5. Defined Terms. Defined terms have the same meaning in this Amendment as in the
Agreement unless otherwise specified.
Section 6. Memorandum. At the request of both Parties to the Agreement, the Parties shall execute
and record a memorandum of the Agreement in the public records of the County where the Property is
located. Upon the expiration or earlier termination of this Agreement, the Parties shall execute and record a
release of such memorandum.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date
and year first above written.
CITY OF DUBLIN
By: ______________________________
Linda Smith, City Manager
Attest:
_________________________________
Marsha Moore, City Clerk
Approved as to form
__________________________________
John D. Bakker, City Attorney
VP‐RPG DUBLIN, LLC,
a California limited liability company
By: Delaware Retail Control, LLC,
a Delaware limited liability company
Its: Manager
By: VPI 2004, Inc., a California corporation
Its: Manager
By: ___________________________
Name: John Glikbarg
Title: Vice President
3620651.1
CITYOFDUBLINCOMMUNITYBENEFITPROGRAMAGREEMENT
VPͲRPGDublin,LLC,7944Ͳ7950DublinBoulevard
ThisCommunityBenefitProgramAgreement(“Agreement”)isenteredintoonthisday2ndof
June,2020,byandbetweentheCityofDublin,amunicipalcorporation(“City”)andVPͲRPGDublin,LLC,
aCalifornialimitedliabilitycompany(“Developer”).CityandDeveloperare,fromtimeͲtoͲtime,
individuallyreferredtointhisAgreementasa“Party,”andarecollectivelyreferredtoas“Parties.”
RECITALS
͘OnFebruary1,2011,theCityadoptedResolutionNo.9Ͳ11establishinga“DowntownDublin
SpecificPlan”(the“SpecificPlan”),whichsetsforthacomprehensivesetofguidingprinciples,
standards,anddesignguidelinesfortheimplementationoffuturedevelopmentinDowntown
Dublin(“theSpecificPlanArea”).
͘TheSpecificPlanregulatesthedensityofdevelopmentallowedintheSpecificPlanAreaby
establishinga“BaseFloorAreaRatio(FAR)”fordevelopmentineachofthethreedistrictswithin
theSpecificPlanArea.
͘TheSpecificPlanalsoestablishesapoolofadditionaldevelopmentpotential,intheformof
1,320,220squarefeetofnonͲresidentialdevelopment,150hotelroomsand2,500residential
dwellingunits(collectively“theExcessCapacity”)apportionedbetweenthethreedistrictsinthe
SpecificPlanArea.Thepoolcanbeusedbydevelopersthatwishtodevelopaprojectthat
exceedstheBaseFARuptoadefined“MaximumFAR”andbydevelopersthatwishtodevelop
residentialdwellingunits.DeveloperswishingtoutilizesaidExcessCapacitymust
participateintheCommunityDevelopmentProgramandenterintoaCommunityBenefit
ProgramAgreementwiththeCity.
͘Developerproposestodevelopcertainpropertyat7944Ͳ7950DublinBoulevardwithinthe
SpecificPlanArea(“theProperty”),whichiswithintheTransitOrientedDistrictoftheSpecific
PlanArea,andaspartofitsproposaldesirestodevelopaϵϬ,700squarefoot,138Ͳroom,fourͲ
storyhotelonanapproximately7ϲ,000squarefootparcel(“theProject”).Inexchangeforthe
useofthisexcessdevelopmentcapacityintheformof5Ϯ,ϱϳϯsquarefeetofcommercialsquare
footagetoenabledevelopmentoftheProject,Developerproposestoprovide
transientoccupancytaxrevenue,enhancedstreetscapeforthedriveaisleoffofDublinBlvd.,
andthedesign,constructionandinstallationofanewDowntownDublinmonumentsigntobe
locatedonthecornerofSanRamonRd.andDublinBlvd.(“theCommunityBenefit”).
͘DeveloperhasappliedforaSiteDevelopmentReviewfortheProperty,whichapproval,if
granted,togetherwithanyapprovalsorpermitsnoworhereafterissuedwithrespecttothe
Projectarereferredtoasthe“ProjectApprovals.”
&͘TheCityandDeveloperhavereachedagreementwithrespecttotheCommunityBenefitand
desiretoexpresshereinaCommunityBenefitProgramAgreementclearlysettingforththe
CommunityBenefittobeprovidedbytheDeveloper,andthescopeandnatureofexcess
developmentcapacitytobegrantedtoDeveloperinexchangeforsaidCommunityDevelopment.
G. TheProjectislocatedwithintheDowntownSpecificPlanarea,whichwasthesubjectofan
EnvironmentalImpactReport(EIR),StateClearinghousenumber20100022005.TheDowntown
DublinSpecificPlanFinalEIRwascertifiedbyCityCouncilResolutionNo.08Ͳ11datedFebruary1,
2011andupdatedwithanAddendumadoptedbytheCityinResolutionNo50Ͳ14(“SpecificPlan
EIR”).PursuanttotheCaliforniaEnvironmentalQualityAct(CEQA)Guidelinessection15168,the
CommunityBenefitProgramAgreementiswithinthescopeoftheProjectanalyzedintheSpecific
PlanEIRandnofurtherCEQAreviewordocumentisrequired.ThisCommunityProgramBenefit
Agreementdoesnotimpede,impairorotherwiseseektotruncateorlimittheCitydiscretionin
consideringanyfutureProjectApprovalsforconductinganyfutureCEQAreviewasrequiredby
applicablelaw.
NOW,THEREFORE,withreferencetotheforegoingrecitalsandinconsiderationofthemutualpromises,
obligationsandcovenantshereincontained,CityandDeveloperagreeasfollows:
AGREEMENT
1. RelationshipofCityandDeveloper.
ItisunderstoodthatthisAgreementisacontractthathasbeennegotiatedandvoluntarily
enteredintobytheCityandDeveloperandthattheDeveloperisnotanagentoftheCity.The
CityandDeveloperherebyrenouncetheexistenceofanyformofjointventureorpartnership
betweenthem,andagreethatnothingcontainedhereinorinanydocumentexecutedin
connectionherewithshallbeconstruedasmakingtheCityandDeveloperjointventurersor
partners.
2. EffectiveDateandTerm.
2.1 EffectiveDate.TheeffectivedateofthisAgreementshallbetheApprovalDate.
Term.ThetermofthisAgreementshallcommenceontheEffectiveDateandshall
extenduntiltheearlierofthefollowing:1)theDeveloperhasprovidedtheCommunity
BenefittotheCityasprovidedinSection3ofthisAgreement,2)anyoftheProject
Approvalsexpires,or3)twoyearsaftertheEffectiveDateifnobuildingpermithasbeen
issuedfortheProject.
3. CommunityBenefittoBeProvidedbyDeveloper.
3.1 TransientOccupancyTax.DevelopershallprovidethefollowingCommunityBenefittothe
City:a138ͲroomHotelwhichwillsupplymorethan35fullͲtimejobstothecommunity
andgeneratenewTransientOccupancyTaxrevenuetotheCity.Thehoteldevelopment
isestimatedtoyieldanannualTOTof$450,000.
2.2
3.2 StreetscapeImprovements.InadditiontotheDeveloper’scontributionofa138Ͳroom
hotel,thecreationofnewfullͲtimejobsandtransientoccupancytax,Developershall
enhancethestreetscapeforthedriveaisle(inbetweentheHooter’sbuildingandthe
VideoOnlybuilding)intothepropertyfromDublinBlvd.creatingamorewelcomingand
invitingcorridorintotheproperty.Theseenhancementswouldprovideafreshlookand
feelofacitystreetintotheproperty.Additionally,theapplicantisworkingingoodfaith
withthethreeadjacentpropertyownerstoimprovetheeasementsinhopesofadopting
astreetscapeimprovementplanforthedriveaislefromRegionalStreet.
3.3 DowntownDublinMonumentSign.Lastly,inadditiontotheDeveloper’scontributionof
a138Ͳroomhotel,thecreationoffullͲtimejobs,transientoccupancytax,andstreetscape
improvements,Developersshalldesign,constructandinstallanewDowntownDublin
monumentsignsimilartowhatisshowninExhibitA,tobelocatedonthecornerofSan
RamonRoadandDublinBoulevard.Theestimatedcostforthedesign,constructionand
installationforthesignis$200,000.TheDevelopershallprovidetheCommunityBenefit
totheCitynolaterthanthetimeofissuanceofthefirstbuildingpermitfortheProject.
InnoeventshalltheCityberequiredtoissueabuildingpermitunlesstheCommunity
BenefithasbeenprovidedtotheCity.
4. SecurityDeposit. Within14daysoftheEffectiveDateofthisCommunityBenefitProgram
Agreement,DevelopershallfurnishCityacorporatesuretybondissuedbyacompanydulyand
legallylicensedtoconductageneralsuretybusinessintheStateofCalifornia,oraninstrument
ofcreditequivalentto$200,000.Saidsecurityisintendedtosecuretheprovisionbythe
DeveloperoftheCommunityBenefitdescribedinSection3ofthisAgreement.IfDeveloperfails
toprovidetheCommunityBenefitduringthetermofthisAgreement,thedepositshallbe
forfeit,andCityshallhavenoobligationtoreturnittoDeveloper.However,Cityshallreturnthe
entiredepositifthisAgreementexpireswithoutanydevelopmentoftheProjectbythe
DeveloperoriftheDeveloperelectsinwritingtoabandonitsrightsundertheProjectApprovals
andthisAgreementatanytimepriortotheexpirationoftheAgreement,inwhichcasethe
Agreementshallautomaticallyterminate.
5.
5.1
5.2
ReservationofExcessDevelopmentCapacity.
ReservationofExcessCapacity.DuringthetermoftheAgreement,andsolongaseach
oftheProjectApprovalsremainineffect,Cityshallreserve5Ϯ,ϱϳϯsquarefeetof
commercialspaceallocatedtotheTransitOrientedDistrictoftheSpecificPlanAreafor
Developer’suse.IfDeveloperfailstoprovidetheCommunityBenefitduringthe
termofthisAgreement,theExcessCapacityreservedforDevelopershall
reverttothepoolmaintainedbytheCity.
LimitationonCity’sObligation.ThisAgreementshallnotbeconstruedtorequiretheCity
toissueanyProjectApprovaltotheDeveloper.Cityissolelyrequiredtoreservethe
ExcessCapacityidentifiedinSection5.1ofthisAgreement.Otherthanthisobligation,
nothinginthisAgreementshallpreventtheCityfromdenyingorconditionallyapproving
anysubsequentlandusepermitorauthorizationfortheProject.AllofCity’sapplicable
ordinances,resolutions,rules,regulationsandofficialpoliciesshallapplytotheProject
including,butnotlimitedto,thosegoverningthepermittedusesoftheProperty,design
andconstructionoftheProject,densityandintensityofuseoftheProject,andthe
maximumheight,bulkandsizeofproposedbuildingswithintheProject.
6. AmendmentorCancellation.
6.1 AmendmentbyMutualConsent.ThisAgreementmaybeamendedinwritingfromtime
totimebymutualconsentoftheparties.
7. Severability.
Theunenforceability,invalidityorillegalityofanyprovisions,covenant,conditionortermofthis
Agreementshallnotrendertheotherprovisionsunenforceable,invalidorillegal,unlessaParty’s
considerationmateriallyfailsasaresult.
8. Attorneys’FeesandCosts.
IftheCityorDeveloperinitiatesanyactionatlaworinequitytoenforceorinterprettheterms
andconditionsofthisAgreement,theprevailingpartyshallbeentitledtorecoverreasonable
attorneys’feesandcostsinadditiontoanyotherrelieftowhichitmayotherwisebeentitled.If
anypersonorentitynotapartytothisAgreementinitiatesanactionatlaworinequityto
challengethevalidityofanyprovisionofthisAgreement,thepartiesshallcooperateindefending
suchaction.Developershallbearitsowncostsofdefenseasarealpartyininterestinanysuch
action,andshallreimbursetheCityforallreasonablecourtcostsandattorneys’feesexpended
bytheCityindefenseofanysuchactionorotherproceeding.
9. Assignment.
Developermaywishtosell,transferorassignallorportionsofthePropertytootherdevelopers
(eachsuchotherdeveloperisreferredtoasa“Transferee”).Inconnectionwithanysuchsale,
transferorassignmenttoaTransferee,Developermaysell,transferorassigntosuchTransferee
itsrightsandobligationsunderthisAgreement,solongassaidtransferwouldnotresultin
developmentofthePropertyinexcessoftheFARpermittedbytheProjectApprovals.Affiliates
ofDeveloper,includingventuresinwhichDeveloperisthedevelopmentpartnerbutnotthe
majorityowner,willnotbeconsideredTransfereesforthesepurposes.Nosuchtransfer,saleor
assignmentofDeveloper’srights,interestsandobligationshereundershalloccurwithoutprior
writtenapprovalbytheCityManager.TheCityManagershallnotunreasonablywithhold
approvalofanytransferandthesolecriterionshallbethattheproposedTransfereepossesses
thefinancialabilitytosatisfytheobligationsofDeveloperpursuanttoSections3.1and3.2ofthis
Agreement.DevelopershallsubmittotheCityManageranynoticeofDeveloper’sintentto
transfer,sellorassignitsinterest,whichshallincludedocumentationthattheTransfereesatisfies
thecriterion.Withinfive(5)businessdaysafterDevelopersubmitsitsnotice,theCityManager
mayrequestanycommerciallyreasonabledocuments,certificationsandotherinformation
necessarytodeterminewhetherthecriterionismet,andtheCityManager’sfailuretorequest
suchadditionalinformationshallconstituteadeterminationthatnosuchfurtherinformationis
needed.TheCityManagerwillmakeawrittendeterminationonanytransfer,saleorassignment
onorbeforethelaterof:1)five(5)daysafterDeveloper’ssubmissionofadditionalinformationif
requestedbytheCityManager,orten(10)calendardaysafterDeveloper’snoticeoftheproposed
transfer,andtheCityManager’sfailuretoobjectinwritingtothetransfer,saleorassignment
withinsuchtimeperiodshallconstituteapprovalofthetransfer.
10. Notices.
AllnoticesrequiredtobegiventoCityunderthisAgreementshallbeinwritingandshallbe
addressedasfollows:
CityManager
CityofDublin
100CivicPlaza
Dublin,CA94568
Phone:(925)833Ͳ6650
Fax:(925)833Ͳ6651
Email:city.manager@dublin.ca.gov
AllnoticesrequiredtobegiventoDeveloperunderthisAgreementshallbeinwritingandshall
beaddressedasfollows:
VPͲRPGDublin,LLC
L. GeraldHunt
1840SanMiguelDr.,Suite206
WalnutCreek,CA94596
Phone:(925)980Ͳ7875
Email:jerry@rubiconpg.com
VillageInvestmentPartners,L.P.
940EmmettAvenue,Suite200
Belmont,California94002
Attention:JohnGlikbarg
Phone:(415)227Ͳ2208
Email:john@villageprop.com
11. AgreementisEntireUnderstanding.
ThisAgreementconstitutestheentireunderstandingandagreementoftheparties.
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