16-016 Letter Agreement with Irvine Company, LLC, agreeing to advance contribution of $200,000 to be used for the I-280/Wolfe Rd InterchangeJanuary 19, 2016
David Brandt, City Manager
City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014-3202
THE IRVINE COMPANY, LLC
690 N. McCarthy Blvd., Suite 100
Milpitas, CA 95035
Subject: Letter Agreement between The Irvine Company, LLC, a California limited liability
company and the City of Cupertino, a municipal corporation agreeing to an advance contribution
of $200,000 to be used for the I-280/Wolfe Road Interchange and to be credited against Irvine
Company's $7,000,000 future contribution for The Hamptons Apartment Project to be constructed
at 19500 Pruneridge A venue, Cupertino
Dear David:
This letter constitutes a Letter Agreement between The Irvine Company, LLC, a California limited
liability company ("Irvine Company") and the City of Cupertino, a municipal corporation ("City"). Irvine
Company agrees to provide an advance of $200,000 payable to the City, concurrently with the execution
of this letter by the City Manager for the sole and exclusive purpose of contributing to all aspects of the
completion, of the I-280/ Wolfe Road Interchange Project, including any and all studies, design work and
construction of project facilities.
The Irvine Company's payment represents an advance against the future contribution of $7,000,000 as
Irving Company's pro rata fair share of the I-280/Wolfe Road Interchange Project. There may be a future
Wolfe Interchange Assessment District and this contribution will be credited towards the $7,000,000 total
contribution by the Irvine Company for this Assessment District for The Hamptons Project for its impacts
upon the I-280/Wolfe Road Interchange.
Irvine Company acknowledges that this payment is non-refundable and is not contingent upon the actual
construction of any portion of the I-280/Wolfe Road Interchange Project or of the approval or
construction of The Hamptons Apartment Project. City agrees that the sum of $200,000 is to be used for
studies or other costs including staff time related to the I-280/Wolfe Road Interchange Project. These
funds will not be refunded should the I-280/Wolfe Road Interchange Project not proceed for any reason as
long as the funds were expended related to that future project.
In the event that the Hamptons Apartment Project, in the future, is redeveloped to include other uses, or
the use is changed, or is expanded beyond the size of the current proposed project, City may seek
David Brandt, City Manager
City of Cupe1iino
January 19, 2016
Page2
additional payments as mitigation for impacts which arise only for the expansion or change in use of the
property and not for the costs of mitigation of impacts for the current proposed development.
Very truly yours,
The Irvine Company, a California limited liability company
The terms of this Letter Agreement are agreed to by the City of Cupertino
City ofvrtino By:) _/
David Brandt, City Manager
Letter Agreement The lrvine Company I-280 Wolfe Interchange Payment advance (2)1-8-16