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�RIGINAL REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND GREYSTAR GP II,LLC THIS REIMBURSEMENT AGREEMENT ("Agreement") is dated for informational purposes only as o€ the� day of , 201�by and between the CITY OF REDWOOD CITY, a charter city and Californi municipal corporation ("City"), and Greystar GP II,LLC, a Delaware limited liability compa ("Developer") (referred to herein individually as"Party,"or collectively,the"Parties"). RE TALS A. By Resolution No. 14609, adopted in September 2004, City established a Cost Recovery Policy for major planning appiications that requires an applicant for planning approvals to pay the costs of processing the application. Reimbursement includes among other things the cost for City s#aff, 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 evaluarion of Developer's proposed development of the Project (defined below). B. Developer has proposed a project located at 1409 EI Camino Real,which includes the construction of an 8-story mixed-use development with 350 residential units and-r5,000 sq. ft. of ground floor retail (the"Project"). C. 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 December 15, 2015 and to be incurred by City in connection with the processing of the Project applicarion. 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 that the City may elect to discontinue this process completely at any point whatsoever. D. Developer acknowledges and understands that Developer shall be required to fund City's costs associated with obtaining any land use approvals or entitlements in furtherance of deveiopment of the Project. The parties understand that the intent is to provide that City shall recover all costs associated with the review, evaluation,and processing of the Project. E. The Parties intend that as a result of this Agreement, by implementing the reimbursement policy, aIl costs and expenses associated with City's review, evaluation, consideration, and processing of the Project applicatians and inspection of the Project, including but not lirnited to compensation for all City employee staff time and payment of all third party consuitant contracts including legal consultants, shall be paid using funds deposited in advance REV:05-12-16 VR Page 1 of 8 ATTY/AGR.2016.101IGreystar IV-1409 EI Camino Real