Agmt16 Redwood Crossing, LLC / SYUFY ENTERPRISES Development application

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ARTICLE 3. RESOLUTION NO. 14609 Section 3 A L In General. Developer acknowledges and agrees that the cost recovery principles articulated in Resolution No. 14609 Planning Cost Recovery Policy govern City's consideration of the Project. Developer further acknowledges and agrees that the review, evaluation, consideration, and processing of the Proposal and all related and supporting material, documentation, and data will not occur if Developer does not fund such work in advance and the City may immediately suspend such work until adequate funds to meet processing costs are deposited with City, or City may terminate this Agreement pursuant to Section 5.03. In the event of any inconsistency between the reimbursement policy of Resolution No. 14609 and this Agreement, the provisions of this Agreement shall control. ARTICLE 4. SELECTION OF CONSULTANTS AND FUNDING OF CITY COSTS Section 4.01. Consultants. (a) Upon entering into this Agreement, City will provide Developer with information regarding the consultants, sub-consultants, and/or special legal counsel to be retained by City to provide services to City regarding the Project including the current scope and budget for such Consultant. Developer agrees that City will charge actual staff time and expenses attributable to the administration of Consultant Contracts entered into by City under this Agreement. (b) On a monthly basis, City will provide to Developer a summary report on the fees incurred by City's team of Consultants and City staff, the percentage of the deposit that has been expended by City on its evaluation of the Project, and the amount remaining available for billing. Section 4.02. Ever�reen Deposit. (a) City shall establish and Developer shall fund a deposit account designed to ensure that City is never required to perform work for which reimbursement funds have not been previously deposited ("Evergreen Deposit"). The Evergreen Deposit shall contain funds necessary to cover three months' worth of budgeted expenditures by City relating to City's review, evaluation, consideration, processing of the Project (including any CEQA review necessary for such review, evaluation, consideration, and processing),. Developer shall fund the Evergreen Deposit initially by depositing with City on or before the Effective Date the sum of Seventy Five Thousand Dollars ($75,000) in the form of a cashier's check. Developer shall replenish the Evergreen Deposit on a monthly basis until termination of this Agreement pursuant to Section 2.02 or Section 5.03 or as long as expenditures made by City relating to City's review, evaluation, consideration, processing of Developer's proposal for the Project, remain unreimbursed,whichever is later. Beginning on the Effective Date, Developer shall replenish the Evergreen Deposit by depositing on or before the last day of each month the full amount of all invoices delivered by City to Developer within the previous month. Thus, for example, on or Page 3 of 9 REV:02-23-16 VR ATTY/AGR.2016.030/REDWOOD CROSSING LLC/557 E BAYSHORE ROAD