Agmt22 IQHQ Elco Yards, LP & Greystar GP II, LLC

Browse Search

REV: 02-18-2022 SK 120695-00000325/5690848.4 Page 3 of 9 occur if Developers do not fund such work in advance, and that 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 Cost Recovery Policy 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 each respective 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 applicable portion of the Project (“Consultants”) including the current scope and budget for such Consultants. Developers agree 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 each respective Developer in writing a summary report on the fees incurred by City's team of Consultants and City staff, the and the amount remaining available for billing from that Developer's respective Evergreen Deposit (defined below). Section 4.02. Evergreen Deposits. (a) City shall establish and Developers shall fund two separate deposit accounts for Developer I's portion of the Project and for Developer II's portion of the Project as described hereinafter and collectively referred to as the “Evergreen Deposits”: (i) City shall establish and Developer I shall fund a deposit account designed to ensure that City is never required to perform work related to the Project Part I for which reimbursement funds have not been previously deposited (the “Developer I Evergreen Deposit”). The Developer I Evergreen Deposit shall contain funds necessary to cover three months’ worth of budgeted expenditures by City relating to City’s review, evaluation, consideration, and processing of the Project Part I (including any CEQA review necessary for such review, evaluation, consideration, and processing; any relocation costs associated with the Project, including consultant and legal costs and all City employee staff time; all costs associated with the any action taken in an attempt to secure title interest in the Shasta Triangle (as defined in the Original Reimbursement Agreement) in furtherance of development of the Project Part I; and any costs associated with close of escrow for the Shasta Triangle and 1306 Main Property). Developer I shall fund the Developer I Evergreen Deposit initially by depositing with City on or before the Effective Date the sum of FIFTY THOUSAND DOLLARS ($50,000) in the form of a cashier’s check. Developer I shall replenish the Developer I 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, and processing of the Project Part I remain unreimbursed, whichever is later. Beginning on the Effective Date, Developer I shall replenish the Developer I Evergreen Deposit by depositing on or before the last day of each month the full amount of all invoices delivered by City to Developer I pertaining to the Project Plan I within the previous month. Thus, for example, on or before March 1, 2025, Developer I would replenish the Developer I Evergreen Deposit by depositing the sum of all invoices submitted by City to Developer I pertaining to the Project Part I during the month of February 2025. ATTY/AGR.2022.043/IQHQ (ELCO) (Page 3 of 9)