Agmt12 Lowe Enterprises Real Estate Group Winslow Project

Browse Search

�RiGIN�:' REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND LOWE ENTERPRISES REAL ESTATE GROUP FOR NEGOTIATION OF DISPOSITION AND DEVELOPMENT AGREEMENT THIS REIMBURSEMENT AGREEMENT ("AgreemenY') is dated for informational purposes only as of the �� day of��;2012 by and between the CITY OF REDWOOD CITY, a charter city and California mu�rfcipal corporation ("City"), and LOWE ENTERPRISES REAL ESTATE GROUP, a California corporation ("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 staff, 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 the Winslow Parcel, as depicted in the attached Exhibit A (the "Property" or"Winslow Parcel"). C. The City Council authorized City staff to commence negotiations with Developer on a potential disposition and development agreement to develop the Winslow Parcel of the Property with a housing project ("Winslow ProjecY'). D. The Parties are presently evaluating the feasibility of the proposed Winslow Project from a design, financial and market perspective, and, if desired by both Parties, they will commence negotiations on (1) a non-binding term sheet to detail the material deal points of a potential disposition and development for the Winslow Project, and (2) a proposed disposition and development agreement between City and Developer that will provide, among other things, for Developer's acquisition of the Property, and development, use, operation and/or maintenance of a high quality housing project. E. The Parties desire to enter into this Agreement to implement the reimbursement policy of Resolution No. 14609 and specifically to cover the costs incurred and to be incurred by City in connection with the negotiation, analysis, drafting and implementation of the potential disposition and development agreement. 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 the Winslow Project, its ultimate determination to enter into a disposition and development agreement, or its final selection of a developer to develop the Property (or any portion thereo�, nor shall it be construed as making any commitment regarding the granting of any entitlements for development. Developer further acknowledges and understands that City shall be concurrently negotiating a potential disposition and development agreement with the developer selected by the City in ATTY/AGR/2012.093/LOWE DDA REIMBURSEMENT AGREEMENT WINSLOW REV: 12-7-12 VR Page 1 of 9