Agmt22 Prince Street Partners, LLC

Browse Search

REV: 05-02-2022 JB REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND PRINCE STREET PARTNERS, LLC THIS REIMBURSEMENT AGREEMENT (“Agreement”) is dated for informational purposes only as of the ____ day of _____________, 2022 by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation (“City”), and Prince Street Partners, LLC (“Developer”) (referred to herein individually as “Party,” or collectively, the “Parties”). RECITALS A. By Resolution No. 15583, adopted in May 2017, City updated the Planning Division Cost Recovery Policy (“Cost Recovery Policy”) for certain planning projects and requires the applicant to pay a deposit and/or fee to the City to cover the City’s costs of processing the application. Reimbursement includes among other things the cost for City staff, consultants, including, but not limited to, environmental consultants, housing consultants, and special legal counsel. Developer has filed an Application with the City, which would be governed by the Cost Recovery Policy; therefore consistent with the intent and framework of the Cost Recovery Policy, 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 1-3 Twin Dolphin Drive, which includes the construction of an office and research and development (R&D) development with podium parking (the “Proposed Project”). C. The Parties desire to enter into this Agreement to implement the Cost Recovery Policy and specifically to cover the costs incurred commencing as of the effective date as defined in Section 2.01 and to be incurred by City in connection with the processing of the Proposed 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 Proposed 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 Proposed 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 Proposed Project. E. The Parties intend that as a result of this Agreement, by implementing the Cost Recovery Policy, all costs and expenses associated with City’s review, evaluation, consideration, and processing of the Proposed Project applications and inspection of the Proposed Project, which may extend post-entitlement, and include but are not limited to compensation for all City employee staff time and payment of all third party consultant contracts including housing consultants and ATTY/AGR.2022.102/Prince Street Partners, LLC (Page 1 of 8) 12th May