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PROPOSED IMPROVEMENT DISTRICT <br />DEPOSIT AND REIMBURSEMENT AGREEMENT <br />THIS AGREEMENT is made and entered into this <br />--M0- k-1 .1 2019, by and between the County of Hawai', a <br />municipal corporation of the State of Hawaii, by and through its Finance Department <br />whose mailing address is 25 Aupuni Street, Hilo, Hawaii 96720 (the "County"), and <br />RCFC Kaloko Heights, LLC, a Delaware limited liability company, whose mailing <br />address is 555 California Street, Suite 3450, San Francisco, California, 94101 (the <br />"Proponent"), which owns the property within the boundaries of a proposed improvement <br />district. <br />RECITALS <br />A. The Proponent owns the real property that is included within the proposed <br />boundaries of a proposed improvement district (the "Proposed District") for the <br />development known as "Kaloko Heights" (the "Development Project"). The <br />Proposed District is proposed to be established pursuant to the provisions of <br />Chapter 12 of the Hawaii County Code 1983 (2016 Edition, as Amended) (such <br />chapter and code being referred to herein as "Chapter 12" and the "Code," <br />respectively) for financing the acquisition, construction and installation of <br />"special improvements," as defined in Chapter 12 (the "Special Improvements") <br />which the Proponent is required to provide in connection with the Development <br />Project. <br />B. The County and the Proponent have entered into a Memorandum of Agreement <br />dated January 15, 2019 (MOA) pursuant to which the parties have agreed to meet <br />certain target dates for the establishment of the Project District for the <br />Development Project together with related goals, pursuant to which the parties <br />contemplated the County's hiring of consultants to facilitate the completion of the <br />Proposed District. <br />C. To facilitate the expeditious implementation of the MOA, the Proponent has <br />agreed to advance funds to allow the County to pay all costs and expenses of the <br />County related to proceedings heretofore and hereafter conducted for the <br />establishment of the Proposed District and the issuance of improvement bonds for <br />the Proposed District pursuant to Chapter 12 (the "Proposed Bonds"). <br />D, The parties hereto wish to enter into an agreement to define the terms and <br />conditions under which the funds will be advanced and subsequently reimbursed, <br />