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REV: 04-29-2021 PR <br />REIMBURSEMENT AGREEMENT <br />BETWEEN THE CITY OF REDWOOD CITY AND <br />RWC SEQUOIA STATION, LLC <br />THIS REIMBURSEMENT AGREEMENT (“Agreement”) is dated for informational <br />purposes only as of the ____ day of _____________, 2021 by and between the CITY OF <br />REDWOOD CITY, a charter city and California municipal corporation (“City”), and RWC <br />Sequoia Station, LLC, a Delaware limited liability company (“Developer”) (referred to herein <br />individually as “Party,” or collectively, the “Parties”). <br />RECITALS <br />A. By Resolution No. 15583, City established a Cost Recovery Policy for major <br />planning applications that requires an applicant for planning approvals to pay the costs of <br />processing the application. Reimbursement includes among other things the cost for City staff, <br />consultants, including environmental consultants, and special legal counsel. Developer has filed <br />an Application with the City, which would be governed by Resolution 15583; therefore consistent <br />with the intent and framework of Resolution No. 15583, the Parties agree to enter into this <br />Agreement requiring Developer to reimburse City for City resources expended during its <br />evaluation of Developer’s proposed development of the Project (defined below). <br />B. Developer has proposed a project located on El Camino Real between Jefferson <br />and James totaling approximately 12 acres (generally referred to as 1057 El Camino Real) which <br />includes the construction of a mixed-use development with 625 residential units, approximately <br />1,250,000 sq. ft. of office, approximately 175,000 sq. ft. of retail, and an approximately 8,000 sq. <br />ft. child care facility (the “Project”). <br />C. The Parties desire to enter into this Agreement to implement the reimbursement <br />policy of Resolution No. 15583 and, specifically, to cover the costs incurred by City commencing <br />as of April 1, 2021 and to be incurred by City in connection with the processing of the Project <br />application. Developer understands that its funding of such costs is at its sole risk and that nothing <br />in this Agreement is or shall be construed to control or limit the City’s exercise of discretion with <br />respect to any aspect of evaluating the Project, nor shall it be construed as making any commitment <br />regarding the granting of any entitlements for development. Developer further acknowledges and <br />understands and accepts the risk that the City may elect to discontinue this process completely at <br />any point whatsoever. <br />D. Developer acknowledges and understands that Developer shall be required to fund <br />City’s costs associated with Developer’s obtaining any land use approvals or entitlements in <br />furtherance of development of the Project. The parties understand that the intent is to provide that <br />City shall recover from Developer all costs associated with the review, evaluation, and processing <br />of the Project. <br />E. The Parties intend that as a result of this Agreement, by implementing the <br />reimbursement policy, all costs and expenses associated with City’s review, evaluation, <br />consideration, and processing of the Project applications and inspection of the Project, including <br />but not limited to compensation for all City employee staff time and payment of all third party <br />ATTY/AGR.2021.092/RWC Sequoia Station, LLC (1057 El Camino Real) (Page 1 of 9)