Agmt25 505 Penobscot Drive RWC,LLC

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REV: 11-19-25 VR REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND 505 PENOBSCOT DRIVE RWC, LLC THIS REIMBURSEMENT AGREEMENT (“Agreement”) is dated for informational purposes only as of __________________, 2025 by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation (“City”), and 505 Penobscot Drive RWC, LLC a Delaware Limited Liability Company (“Developer”) (referred to herein individually as “Party,” or collectively, the “Parties”). RECITALS A. By Resolution No. 15583, adopted in May 2017, City updated the Planning Division Cost Recovery Policy (“Cost Recovery Policy”) for certain planning projects and requires the applicant to pay a deposit and/or fee to the City to cover the costs of processing the application. Reimbursement includes among other things the cost for City staff and consultants, including, but not limited to, environmental consultants, housing consultants, and special legal counsel. Developer has filed an Application with the City, which would be governed by the Cost Recovery Policy; therefore, consistent with the intent and framework of the Cost Recovery Policy, the Parties agree to enter into this Agreement requiring Developer to reimburse City for City resources expended during its review, evaluation, consideration, and processing of Developer’s proposed development of the project (defined below). B. Developer has proposed a project generally located at 505 Penobscot Drive (including 301 Penobscot Drive and 701 Galveston Drive), Redwood City which includes replacing the three existing buildings with two new life science/office buildings and two parking structures, and associated mapping changes (the “Proposed Project”). C. The Parties desire to enter into this Agreement to implement the Cost Recovery Policy and specifically to cover the costs incurred by the City as of the Effective Date (defined in Section 2.01 below) in connection with the processing of the Proposed Project application. Developer understands that its funding of such costs is at its sole risk and that nothing in this Agreement is or shall be construed as to control or limit the City’s exercise of discretion with respect to any aspect of evaluating the Proposed Project, nor shall this Agreement be construed as making any commitment regarding the granting of any entitlements for development. Developer further acknowledges and understands and accepts the risk that the City may elect to discontinue this process completely at any point whatsoever. D. Developer acknowledges and understands that Developer shall be required to fund City’s costs associated with obtaining any land use approvals or entitlements in furtherance of development of the Proposed Project. The Parties intend that City shall recover all costs associated with the review, evaluation, consideration, and processing of the Proposed Project. E. The Parties intend that as a result of this Agreement, by implementing the Cost Recovery Policy, all costs and expenses associated with City’s review, evaluation, consideration, and processing of the Proposed Project applications and inspection of the Proposed Project, which ATTY/AGR.2025.318/505 Penobscot Drive RWC, LLC (Page 1 of 10) December 4