Agmt06 Keech Properties, LLC - Ninth Amendment GID No. 1-64

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November 17, 1981, which booklet is available from the City upon request. Such real property is hereinafter collectively referred to as "Redwood Shores Property." 3. The Proposed Public Facilities. The proposed public improvements ("Facilities") which may be constructed pursuant to this Agreement include, but are not limited to, water systems, roadways, bridges, sanitary sewers, road fill and improvement of parks, libraries and community centers, as are determined by the District to be of District-wide benefit. Those Facilities which have already been mutually agreed as currently desirable for the proposed development of the Redwood Shores Property are more particularly listed and described in the seven (7) page schedule entitled "Capital Improvement Projects - Five Year Program GID 1-64" attached hereto as Exhibit A and incorporated herein by this reference, which list and schedule may be changed and updated as necessary by further mutual agreement of the parties at the quarterly review meetings as provided in paragraph 8(b) below. 4. Relationship of Facilities Construction to Development. The parties agree that the cost to construct the Facilities shall be borne by the owners of the Redwood Shores Property for the benefit of which the Facilities will be constructed, which obligation shall arise as set forth in paragraph 6 below. The parties further agree that the schedule of development of each portion of the Redwood Shores Property must be reasonably related to the estimated time of construction of the Facilities required for such development, and that construction of such of the Facilities as may mutually be agreed upon by the parties may be required prior to subdivision or development of all of the real property which such Facilities shall benefit. 5. Fund. (a) The parties hereby ratify and affirm the continued existence of the separate fund ("Fund") created in 1982 under the Agreement for the purpose of financing, either directly or by reimbursement, construction of the Facilities described in paragraph 3 above. The City Treasurer shall continue to serve as administrator of the Fund. (b) All fees deposited in the Fund, together with interest thereon, shall be used by District solely for the construction, either directly or by reimbursement, of the Facilities listed in Exhibit A, in accordance with the estimated construction time schedule set forth in Exhibit A, or as such list of Facilities or construction time schedules may be hereafter modified from time to time by the mutual consent of the parties. Construction costs shall include all those costs normally considered as such for capital improvements borne by either the District or Keech, and shall include, but shall not be limited to, actual costs of labor and materials (whether expended by the parties or by their contractors) and all architectural and engineering fees. Actual labor costs of the parties shall include general administrative overhead, which shall be payable up to a maximum of Eighteen Percent (18%) over the construction contract cost for each project. Overhead costs shall be reviewable on an annual basis. The Fund may also be used to reimburse Keech for all construction costs as above defined, plus interest thereon, which interest will begin to accrue as payments for actual construction are made by Keech on a progress payment basis, up to the total number of days allowed for completion by the construction contract. Such interest shall be computed at the average rate of all interest earned during the same period of time by the City on the investment of its public monies in securities or other certificates of indebtedness pursuant to the Charter of the City of Redwood City. KP A TTON:mds:RSP.4345\Agreement.DOC F:Attyl Agrl AmendGID64.8 071003 3