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Benefitted Property is developed, the homes thereon will connect to the City's water and sewer systems through the Improvements. Section 2. Reimbursable Costs. Reimbursable Costs shall be the costs in the approved Statement of Costs, plus interest, as provided in this Section. A. Statement of Costs. An estimate of costs for the construction of the Improvements and other related items is set forth in Exhibit B. Within thirty (30) days after completion of the Improvements, Developer shall submit to the City Engineer of the City ( "City Engineer ") the actual costs of the construction work and related items incurred for the Improvements, certified by Developer ( "Statement of Costs "). Thereafter, the City Engineer shall review the Statement of Costs for appropriateness to determine if any item in the Statement of Costs is inappropriate or excessive, and ask that the item may be adjusted accordingly. Developer shall be notified in advance of any such adjustment. If the item cannot be resolved to the satisfaction of both the City Engineer and the Developer, the City Manager of the City ( "City Manager ") shall make the final determination as to permissible costs. Reimbursement from the Benefited Properties shall be based upon the Statement of Costs as approved by the City Engineer or as finally approved by the City Manager. B. Interest. Simply interest shall accrue annually, on the date of the City's acceptance of the Improvements, on the approved Statement of Costs. The interest rate shall be the Bank of America prime rate, or a similar reference rate if that rate is not available. Interest is not due or payable until reimbursement is required as set forth in Section 4, below. Section 3. Ownership of Improvements. Pursuant to that certain Subdivision Agreement between City and Developer dated , as thereafter amended, Developer shall dedicate the Improvements to the City upon their completion, and City shall own the Improvements after they are accepted by the City. Thereafter, Developer shall have the right to reimbursement for the Reimbursable Costs for the Improvements, as provided herein. Section 4. Reimbursement. Upon completion of the Improvements by the Developer and acceptance by the City, the City shall administer the collection of the Reimbursable Costs from any person(s) connecting: (a) the existing home on the Benefitted Property if that existing home has been substantially increased in size; (b) a new home(s) to the Improvements from the Benefitted Property upon the subdivision of the Benefitted Property during the term of this Agreement, and transmit those amounts to the Developer pursuant to this Agreement. Each home connecting to the Improvements from the Benefitted Property as described in this section shall be charged one -fourth (1/4) of the total Reimbursable Costs and one -fourth (1/4) of the interest accrued to that time. The Reimbursable Costs collected by City pursuant to this Agreement shall be distributed one hundred percent (100 %) to Developer. Section 5. Time and Manner of Disbursement. Disbursement of Reimbursable Costs shall be within thirty (30) days of the City's collection of the same. Developer hereby directs that any Reimbursable Costs due to Developer pursuant to this Agreement shall be payable to Toll Bros., Inc and mailed to: 2