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r°*�"ya�!i���A!� <br /> �� � � <br /> '�=a <br /> REIMBURSEMENT AGREEMENT <br /> BETWEEN THE CITY OF REDWOOD CITY AND <br /> WALNUT STREET PARTNERS,LLC <br /> THIS REIMBURSEMENT AG ME T ("Agree ent") is dated for informational <br /> purposes only as of the �day of , 201�by and between the CTTY OF <br /> REDWOOD CTTY, a charter city and ali rnia icipal corporation ("Cit}�'), and Walnut <br /> Street Partners, LLC, a California limite ability company] ("Developer") (referred to herein <br /> individually as"Party,"or collectively,the"Parties"). <br /> RECITALS <br /> A. By Resolution No. 14609, adopted in September 2004, City 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 far City staff, consultants, including environmental consultants, and special legal <br /> counsel. Developer has filed an Application with the City which would be governed by <br /> Resolution 14609; therefore consistent with the intent and framework of Resolution No. 14609, <br /> the Parties agree to enter into this Agreement requiring Developer to reimburse City for City <br /> resources expended during its evaluation of Developer's proposed development of the Project <br /> (defined below). <br /> B. Developer has proposed a project located at [851 and 855 Main Street and 860 <br /> Walnut Street] which includes the construction of a new four-story retaiVoffice building plus two <br /> levels of underground parking(the "Project"). <br /> C. The Parties desire to enter into this Agreement to implement the reimbursement <br /> policy of Resolution No. 14609 and specifically to cover the costs incurred and to be incurred by <br /> City in connection with the processing of the Project application. Developer understands that its <br /> funding of such costs is at its sole risk and that nothing in this Agreement is or shall be construed <br /> to control or limit the City's exercise of discretion with respect to any aspect of evaluating the <br /> Project, nor shall it be construed as making any commitment regarding the granting of any <br /> entitlements for development. Developer further acknowledges and understands and accepts the <br /> risk that the City may elect to discontinue this process completely at any point whatsoever. <br /> D. Developer acknowledges and understands that Developer shall be required to fund <br /> City's costs associated with obta.ining any land use approvals or entitlements in furtherance of <br /> development of the Project. The parties understand that the intent is to provide that City shall <br /> recover all costs associated with the review, evaluation, and processing of the Project. <br /> E. The Parties intend that as a result of this Agreement, by iruplementing the <br /> reimbursement policy, all costs and expenses associated with City's review, evaluation, <br /> consideration, and processing of the Project applications and inspection of the Project, including <br /> but not limited to compensation for all City employee staff time and payrnent of all third party <br /> consultant contracts including legal consultants, shall be paid using funds deposited in advance <br /> Page 1 of 8 <br /> REV:09-25-15 VR <br /> ATTY/AGR.2015.221/Acclaim Companies <br />