Agmt12 Hunter Storm, LLC - Laserfiche WebLink

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' I O�GI�L _ REIMBURSEMENT AGREEMENT BETWEEN • THE CITY OF REDWOOD CITY AND Hunter Storm, LLC HIS REIMB RSEMENT AGREEMENT ("Agreement") is made and entered into on the � da of , 2012 6 and between the CITY OF REDWOOD CITY, a Y Y charter c�ty and Cali rnia municipal corporation ("City"), and Huncer Scorm, LLC , ("Developer") (referred to herein individually as "Party," or collectively, the "Parties"). RECITALS A. By Resolution No. 14609, adopted in September 2004, City established a Cost Recovery Policy for major planning applications that requires an applicant for planning approvals to pay the costs of processing the application. Reimbursement includes among other things the cost for City staft; consultants, including environmental consultants, and special legal counsel. Although Developer has not filed an Application with the City which would be governed by Resolution 14609, consistent with the intent and framework of Resolution No. . 14609, the Parties agree to enter into this Agreement requiring Developer to reimburse City for City resources expended during its evaluation of Developer's proposed development of Depot Circle. B. City owns real property in the Downtown area known as Depot Circle, as depicted and described in the attached Exhibit A(the "Property"). City prepared and circulated a Request for Qualifications ("RFQ") dated August 30 , 2011 to paRies interested in developing Depot Circle. City selected two development teams from those who responded to the RFQ as potentially meeting its desired criteria. Developer is one of the selected teams. City requested both teams to submit proposals for the acquisition and development of Depot Circle or portion thereof. Developer will submit a proposal for acquisition and development of the Property or portion thereof ("ProposaP' or "Developer's Proposal") by March 30, 2012, or any other such date that the City may establish. C. City and Developer desire to enter into this Agreement to implement the reimbursement policy of Resolution No. 14609 and specifically to cover the costs of City's review and evaluation of Developer's Proposal. Developer understands that its funding of such costs is at its sole risk and that nothing in this Agreement is or shall be construed to control or limit the City's exercise of discretion with respect to any aspect of evaluating Developer's Proposal, or its final selection of a developer to develop the Property, nor shall it be construed as making any commitment regarding the granting of any entitlements for development. Developer ' further understands that City shall be concurcently evaluating a proposal for the development of the Property by the other developer selected by. the City in the RFQ process, which other developer shall also be paying for the costs of City's review and,evaluation of its proposal. Developer further understands and accepts the risk that the Ciry may elect not to choose either developer and to discontinue this process at any point whatsoever.