Agmt08 R.C. Peninsula Park, LLC - Laserfiche WebLink

Browse Search

Improvements. The Management and Administration Fee shall be considered a part of the cost of construction or installation of the applicable Improvement and shall be added to the estimated cost of such Improvement as set forth in Attachment 2. 8.3. Interest. Interest shall accrue and be payable to Developer at a rate equal to two percent (2%) in excess of the rate of interest most recently announced by Bank of America, NT & SA (or its successor bank) at its San Francisco office as its "prime rate." Interest shall accrue on the outstanding amount of the Excess Costs incurred by Developer commencing on the forty- fifth (45th) day following the date Developer delivers an invoice for such costs to City through the date that the Excess Costs covered by such invoice are paid to Developer in full. 8.4 Repayment Date. City shall pay Excess Costs and the other sums payable to Developer pursuant to this Plan ratably as the City collects payments from property owners in the Area of Benefit (defined below) and/or the date City receives funding from other sources; provided however, notwithstanding the rate at which City may collect such funds or receive such funding, City agrees to pay all sums payable to Developer pursuant to Section 8 by no later than the date which is: (i) three (3) years following the date that Developer substantially completes the applicable Improvement(s), or (ii) if City has elected not to have Developer manage and administer construction of the Improvement(s), three (3) years following the date Developer funds the Excess Costs and delivers an invoice therefor to City. 9. Area of Benefit. The All Zones Improvements identified in Section 4 will benefit the Project and those additional properties identified on Attachment 1 (collectively, the Project together with such additional benefited properties comprise the "Area of Benefit"). The Area of Benefit was established pursuant to a study dated October 15, 2007 conducted by the City of Redwood City Engineering and Construction Department. 10. Formula for Allocation of Costs. Attachment 2 sets forth City's estimate of the cost of each of the All Zones Improvements and a formula for allocation of such costs among the properties located in the Area of Benefit. As provided in Attachment 2, the costs and allocation of such costs shall be reviewed annually for possible revision. 11. Financing Sources. City and Developer agree to use best efforts to pursue state, federal and local sources of funds to assist in financing the "All Zones," "Zone B" and "Zone AB" Improvements which if funded solely by Developer would result in Excess Costs to Developer (as defined in Section li). Without limiting the generality of the foregoing, City and Developer agree to cooperate in efforts to obtain financing through the Statewide Communities Infrastructure Program ("SCIP"), the California Infrastructure and Economic Development Bank, and other sources. In addition, City may pursue the establishment of a Community Facilities District and the issuance of bonds in connection therewith. ATTY/AGR/2008.013 EXHIBIT D 022708 5