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. � OR9GINAL <br /> REIMI3URSEMEN"I' AGREEMENT <br /> BETWEEIV <br /> THE CITY OF REDWO011 CITY ANll LOWE ENTERPRISES REAL ESTATE GROUP <br /> THIS REI URSEMENT ACREEMENT ("AgrcemenP') is made and entered into <br /> on the � day of , 2012 by �nd bet�veen the C[TY OF REDWOOD CITY, a <br /> charter city and Ca i� ia municipal corporation ("City"), and LOWE ENTEKPRtSES REAL <br /> ESTATE GROUP ("1 veloper") (referred to herein individually as "Party," or collectively, the <br /> "Parties"). <br /> REC1T'ALS <br /> A. By Resolution No. 14609, adopted in September 2004, Ciry established a Cost <br /> Recovery Policy for major planning applications that requires an applicant for planning <br /> approvals to pay the costs of processing the application. Reimbursement includes among other <br /> things the cost for City staff, consultants, including environmental consultants, and special legal <br /> counsel. Although Developer has not filed an Application with the City which would be <br /> govemed by Resolution 14609, consistcnt with the intent and framework of Resolution No. <br /> 14609, the Parties agree to enter into this A�reement requiring Developer, under the <br /> circumstances set fonh below, to reimburse Ciry for City resources expended during its <br /> evaluation of Developer's proposed development of Depot Cirde. <br /> B. City owns real property in the Downtown area known as Uepot Circle, as depicted <br /> and described in the attached Exhibit A(the "Property"). City prepared and circulated a <br /> Request for Qualifications ("RFQ") dated August 30, 2011 to parties interested in developing <br /> Depot Circle. City selected two development teams from those who responded to the RFQ as <br /> potentially meeting its desired criteria. Developer is one of the selected teams. City requested <br /> both teams to submit proposals tor the acquisition and devclopment of Depot Circle or portion <br /> thereo£ Developer will submit a proposal for acquisition and development of the Property or <br /> portion thereof ("ProposaP' or "Ueveloper's Proposal") by March 30, 2012, or any other such <br /> date that the Ciry may establish. <br /> C. City and Developer desire to cntcr into this Agreement to implement [he <br /> reimbursement policy of Kesolution No. 14609 and specifically to cover the costs of City's <br /> review and evaluation of Developer's Proposal. Developer understands that its funding of such <br /> costs is at its sole risk and that nothing in this Agreement is or shall be construed to control or <br /> limit the City's exercise of discretion with respect to any aspect oY evaluating Developer's <br /> Proposal, or its final selection of a developer to develop the Property, nor shall it be construed as <br /> making any commiunent regarding the granting of any entitlements for development. Developer <br /> further understands that City shall be concurrently evaluating a proposal for the development of <br /> [he Property by the other developer selected by the City in the RFQ process, which other <br /> developer shall also be paying for the costs of City's review and evaluation of its proposal. <br /> Developer fuRher understands and accepts the risk that the City may elect not to choose either <br /> developer and to discontinue this process at any point whatsoevec <br /> 30169255 L2 � <br />