Agmt14 Redwood City Improvement Association (RCIA)

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' r< ., . ORIGIN�� AGREEMENT FOR CITY TO ADVANCE TO RCIA CERTAIN START-UP COSTS - RELATING TO DOWNTOWN REDWOOD CITY COMMUNITY BENEFIT IMPROVEMENT DISTRICT This Agreement ("Agreement") befinreen the City of Redwood City,�a municipal corporation, (the "City") and the Redwood City Improvement Association, a Ca ifornia Non-Profit Public Benefit Corporation, (the "RCIA") is entered into the;��ay of December, 2014. City and RCIA shall respectively be referred to as the "Party" or collectively as the "Parties." RECITALS WHEREAS, on August 25, 2014, the City Council adopted Ordinance No. 2408, approving the creation of the Downtown Redwood City Community Benefit Improvement District of 2014 ("District") pursuant to the Redwood City Community Benefit Improvement District Procedural Ordinance (Redwood City Municipal Code Chapter 31); and WHEREAS, the City, through an assessment ballot protest proceeding held on July 28, 2014, received more than 50% of weighted ballots in support of the proposed levy of the assessments to fund the District Plan Services and the administration thereof pursuant to the District Plan; and WHEREAS, the District Plan Services will be funded through an annual levy of assessments upon the lots and parcels of real property within the boundaries of the District (the "Assessments"), commencing December 2014, and continuing for fifteen (15) consecutive years through December 31, 2029; and WHEREAS, RCIA proposed to enter into a separate agreement with the City for RCIA to act as the owners association for the District and to administer and implement the District Plan Services ("Management Services") specified in the District Plan; and WHEREAS, in advance of the City Council's consideration of a contract for RCIA to provide Management Services to the District, City agrees to advance RCIA initial funding for RCIA for certain costs as specified herein which advance costs City will withhold from District assessments that would otherwise be distributed to the entity selected to perForm District management services until the full cost to the City's General Fund is repaid. NOW THEREFORE, the Parties to this Agreement do hereby covenant and agree as follows: 1. Effective date. This Agreement shall become effective upon the date this Agreement is fully executed by the Parties ("the Effective Date"). 2. Reimbursement. a. City agrees to make advancements to the RCIA in an amount not to exceed sixty thousand dollars ($60,000) ("the Advancement") in the aggregate for ATTY/AGR/2014.261/RCIA Advancement of Cost.doc REV:12-16-14 PT Page 1 of 4