Agmt16 MOU County of San Mateo and RWC RE Chase Property

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� + MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding ("MOU") is entered into by the County of San Mateo ("County"), on the one hand, and the City of Redwood City ("City"), on the other, and is intended to document the parties' agreement to share certain costs related to real estate analysis and initial due diligence in connection with the possible acquisition of the 2300 Broadway Street property in Redwood City("Chase Property"). WHEREAS,the Chase Property has recently been offered for sale by its owner,JP Morgan Chase; and WHEREAS, both the County and the City are interested in exploring possible acquisition of the Chase Property for development for a public purpose, including potentially affordable housing; and WHEREAS, both parties desire professional real estate analysis services ("Professional Services") to assist in the process of valuing the Chase Property and developing a plan to acquire and/or develop that property; and WHEREAS,the County and City appreciate that efficiencies and cost-savings can be realized if they share the costs of the Professional Services; and WHEREAS, given that the nominal deadline to make offers on the Chase Property is January 26, 2016,there is a need to secure Professional Services immediately; and WHEREAS,the County is in a position to immediately identify, retain, and coordinate with one or more consultants to provide the Professional Services; and WHEREAS,the City desires reimburse the County for a portion ofthe costs of Professional Services in exchange for receiving the resulting analysis. NOW,THEREFORE, IT IS AGREED AS FOLLOWS: 1. The County shall retain one or more consultants and/or advisors in its sole discretion to provide the Professional Services. 2. The County anticipates that, by January 25, 2016, the County will receive an analysis from its consultant(s)that includes: a. Test fits/yield estimates(number of units, square footage)for the Chase Property as well as an assemblage of both the Chase Property and 710 Hamilton Street; b. Valuation analyses of the Chase Property(including potentially a pro forma) as well as an assemblage of both the Chase Property and 710 Hamilton Street; c. Possible environmental analysis of the Chase Property; and d. Strategic considerations and recommendations regarding the offer process for the Chase Property. ' 3. The County agrees to share the analyses described in paragraph 2, above, with Redwood City as soon as such analyses are available. 4. The City agrees to share, in equal proportions, the costs of any Professional Services incurred by the County to produce the analyses described in paragraph 2, above. The combined total of such costs Page 1 of 2 ATTY/AGR/2016.024/MEMORANDUM OF UNDERSTANDING BETWEEN SAN MATEO COUNTY AND REDWOOD CITY(CHASE PROPERTY) REV:02-02-16