Agmt16 Redwood Crossing, LLC / SYUFY ENTERPRISES Development application

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ORIGINAL REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND SYUFY ENTERPRISE5 FOR PROCESSING A DEVELOPMENT APPLICATION THIS REIMBURSEMENT AGREEMENT ("Agreement") is dated for informational purposes only as of the �� day of � 2016 by and between the CTTY OF REDWOOD CITY, a charter city and Cal fornia municipal corporation ("City"), and REDWOOD CROSSING, LLC, a California limited liability company ("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. Reimbursernent includes among other things the cost for City staf�, consultants, including environmental consultants, and special legal counsel. Developer has filed an Application with the City which would be governed by Resolution 14609; therefore 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 the Project (defined below). B. Developer owns real property at 557 East Bayshore (APNs 052-520-160 and 052- 520-330). C. In conjunction with the development application, Developer is requesting that City consider a Zoning Code Amendment, Condirional Use Permit, and Architectural Permit to develop the 14.4 acre Property with a 550 unit residential apartment complex with associated parking and open space and a 100,000 square foot Sports Club "Villa Sport"("Project"). D. The Parties are presently evaluating the potential environmental impacts associated with the proposed 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 commencing as of the date first set forth above and to be incurred by City in connection with the processing of the Project, including preparation of an Environmental Impact report. 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 Project, nor shall it be construed as making any commitment regarding the granting of any entitlements for development. Developer further acknowledges and understands and accepts the risk tbat the City may elect to discontinue this process completely at any point whatsoever. Page 1 of 9 REV:02-23-16 VR ATTY/AGR.2016.030/REDWOOD CROSSING LLC/557 E BAYSHORE ROAD