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Attachment 3: REIMBURSEMENT AGREEMENT FOR IMPROVEMENT Section 1. Improvements. The improvements to be constructed, installed and financed by Developer will benefit the Tract 7968 project. Pursuant to Government Code §66486, et. seq., Developer is entitled to recover the Tract 7968 project's pro-rata share of the Reimbursable Costs of the Improvements from the Tract 7968 project. The construction of the Improvements and the related work to be performed by Developer is more fully described in Exhibit A. Section 2. Reimbursable Costs. An estimate of costs for the construction of the Improvements and other related items is set forth in Exhibit A. Within thirty (30) days after completion of the Improvements, Developer shall submit to the 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 State nt f Costs for appropriateness to determine whether any item in the Statement of Costs is inap opal;or excessive, and that item may be adjusted accordingly. Developer shall be notified in adceo any such adjustment. If the item cannot be resolved to the satisfaction of both the City Engineer and Developer,the City Manager shall make the final determination as to permissible cdsi's` Reimbu ser nt from the Tract 7968 project of that project's pro-rata share shall be based upon to tement of Co '''as approved by the City Engineer or as finally approved by the City Mer( Based on hydrologic calculations attributing G 696 squarefeet to Deve o 's Tract 8159 and 51,089 square feet to the Tract 7968 prg the pro-rata h fes' the Improvem e: 57.70% Developed 42.3�0%' __Tract 7968 I `•�ect. The above cost ratio is for design i fees and':nistallat oabo 1*8"wst drain system at ' depth.at east end of the storm dr ats ystem i e entranc'of loth projects. he cost for installing the storm drain system at additional d pth for tS " it of Trac 7968, and a cost for installing a 12" storm drain stub't esponsibili °of the aevelo of ract 7968 Sectio Ownershi pro ts. Pursuant to that certain Subdivision Agreement between City artveloper dated\ , Developer shall dedicate the Improvements to the City upon complete+" : d City shall bwn the Improvements after acceptance by the City Council. Thereafter, Developer 'l 1 have the r ght to connect to and use the Improvements in accordance with City regulations and the '�' Ito ree _reimbursement for the Reimbursable Costs for the Improvements, as provided herein. ti ../ Section 4. Reimbursement. Upon completion and acceptance of the Improvements by the City,the Tract 7968 project shall pay its pro-rata share of the Reimbursable Costs to Developer at any time prior to or upon City approval of a final map for the Tract 7968 project. Section 5. Interest. After City Council acceptance of the Improvements, the Tract 7968 project's pro-rata share of the Reimbursable Costs shall accrue interest compounded annually every June 30th at the Bank of America reference rate. 2