Agmt10 R.C. Peninsula Park, LLC - Laserfiche WebLink

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t ORIGINAL .. FORM OF DEPOSITIREIMBURSEMENT AGREEMENT CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2010-1 (ONE MARINA) THIS DEPOSIT/REIMBURSEMENT AGREEMENT (the "Agreement") is by and between the City of Redwood City (the "City") for and on behalf of the proposed City of Redwood City Community Facilities District No. 2010-1 (One Marina) (the "CFD"), and R.C. Peninsula Park, LLC, a Delaware limited liability company (the "Property Owner"). RECITALS: WHEREAS, the Property Owner has requested that the City consider the creation of the CFD and issuance of bonds for the CFD (the "Bonds") under Sections 53311 et seq. of the California Government Code (the "Act"); and WHEREAS, the Property Owner is willing to deposit funds with the City to ensure payment of the costs of the City in forming the CFD and otherwise in connection with the issuance of bonds for the CFD and the proposed expenditure of the proceeds thereof, provided that such funds so advanced are reimbursed to the Property Owner from the proceeds of the Bonds issued by the City for the CFD to the extent provided herein; and WHEREAS, the City and the Property Owner now desire to specify the terms of said deposit and reimbursement. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, and for other consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Section 1. The Deposit: Additional Advances. The Property Owner has provided to the City $110,725 (including amounts previously deposited with the City for payment of appraisal fees) (the "Deposit"), to be used by the City to pay the costs in conducting proceedings for the issuance of bonds for the CFD (as more fully described in Section 2(a) below, the "Initial Costs"), said amount having been heretofore delivered by the Property Owner to the Director of Finance (the "Finance Director") of the City, by means of a check or checks made payable to the "City of Redwood City." The City, by its execution hereof, acknowledges receipt of the Deposit. The checks representing the Deposit shall be cashed by the City, and the Deposit may then be commingled with other funds of the of the City for purposes of investment and safekeeping, but the City shall at all times maintain records as to the expenditure of the Deposit. The parties hereto acknowledge that the amount previously deposited by the Property Owner with the City to 300678_1.DOC