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GRANDMARC Student Living Environments That Maximize Learning November 16, 1999 949/851-7448 aschutz@jdplaw.com 28137 Mr. Bob Wales Executive Director Redevelopment Agency of the City of Riverside 3900 Main Street, 5th Floor Riverside, CA 92522 12 Acre Parcel Southwest Corner of Linden and Iowa, Riverside ("Property") Dear Mr. Wales: GrandlVlarc Riverside L.P. ("Developer") is developing an approximately 212 unit student housing project on the Property. In connection with this development, the Redevelopment Agency of the City of Riverside ("Agency") and Developer have agreed to share in the cost of the following improvements ("Richter Additions") to be constructed by the City of Riverside ("City"): 1. Iowa Street enhancements consisting of a 10-foot wide sidewalk on the portion of the Property fronting on Iowa Street, currently estimated by the City' s Public Works Department to cost $144,000, and designated by the City' s job number R-3416. 2. Storm Drain Facilities on the noaheast comer of the Property, currently estimated by the City to cost $167,000, and designated by the City's job number D-669. 3. Installation of approximately 330 feet of 8" water main and 75 feet of 8" service lateral to the Property currently estimated by the City to cost $25,000 ("Water Improvements"). The Richter Additions are shown in further detail on the pages of the plans and specifications identified on the attached schedule prepared by Albert A. Webb Associates. 1007 Towne Lake Hills East, Suite 1400, Woodstock, GA 30189 · 678-445-1515. Fax: 678-445-1514 1045 Balboa Ave., Laguna Beach, CA 92651. 949-499-4224. Fax: 949-499-9819 ~ 2626 Howell Street, Suite 800, Dallas, TX 75204. 214-880-0350. Fax~4j-880~).2,p~, www.grandmarc.com ~ .j~