Agmt21 Tishman Spear Reimbursement Agreement

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REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND TISHMAN SPEYER THIS REIMBURSEMENT AGREEMENT ("Agreement") is dated for informational purposes only as of the loth day of February , 2021 by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City"), and Tishman Speyer Worldwide, L.L.C., a Delaware 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. In May 2017, the City adopted Resolution 15583, which repealed Resolution 14609 and adopted specified fees and charges and a Planning Cost Recovery Policy. Reimbursement includes among other things the cost for City staff, consultants, including environmental consultants, and special legal counsel. Developer has filed (or is about to file) an Application with the City, which would be governed by Resolution 15583; therefore consistent with the intent and framework of Resolution No. 15583, 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 has proposed a project located at 2300 Broadway and 609 Price Avenue, which includes the construction of a mixed-use office and retail development at 2300 Broadway and an off-site residential development at 609 Price Avenue (the "Project"). C. The Parties desire to enter into this Agreement to implement the reimbursement policy of Resolution No. 15583 and specifically to cover the costs incurred commencing as of January 1, 2021 and to be incurred by City in connection with the processing of the Project application. 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 development 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, all costs and expenses associated with City's review, evaluation, consideration, and processing of the Project applications and inspection of the Project, including REV: 12-22-2020 PR ATTY/AGR.2020.283/Tishman Speyer (Page 1 of 8)