RES 221299 - Laserfiche WebLink

F. PGS has conveyed Parcel 2 to Mardel LLC in exchange for Lot 15 of Tract 7160 recorded August 10, 2004 in Book 277 of Maps at Pages 62-72. As part of that exchange, PGS has incurred certain costs, e.g.,Vineyard Avenue Corridor Specific Plan fees, a pro rata share of the infrastructure costs for Tract 7160, a payoff of a deed of trust that was on Lot 15, subdivision fees for Parcel Map 8626, the pro rata share of the sanitary sewer to serve Parcel 2 of Parcel Map 8626, and engineering and related fees in connection with the preparation of Parcel Map 8626. Those costs total three hundred seventy five thousand seven hundred fifty six dollars and eighty five cents ($375,756.85). G. The City has released Parcel 2 of Parcel Map 8626 from the Agreement. Now, therefore, the parties agree as follows: 1. Lot 15 of Tract 7160 Subject to the Agreement. City and PGS agree that Lot 15 of Tract 7160 recorded August 10, 2004 in Book 277 of Maps at Pages 62- 72,Alameda County Records, is subject to the Agreement and shall be considered part of the Landfill Site as defined in the Agreement, subject to paragraphs 2 and 3 of this Second Amendment 2. Allocation of Proceeds of Sale of Lot 15 if Unimproved.. If PGS sells Lot 15 to a bona fide purchaser and at the time Lot 15 is not improved, the money received from the sale of the land shall be allocated: a) first to PGS for its cost of the land valued at three thousand three hundred forty dollars ($3,440.00); b) second to theCity's Landfill Litigation Rate Reserve Fund (for the benefit of the ratepayers) and to PGS (to the extent PGS has expended its own funds) for the costs referenced in Recital F, above; and c) the remaining balance, if any, to be shared equally by the City (for the benefit of the ratepayers) and PGS as a return on its investment in the land. As to subparagraph b), the amount allocated to the Landfill Litigation Reserve Fund shall be reduced to the extent those costs have already been recovered from the ratepayers at the time the sale proceeds are received. In addition as to subparagraph b), the sale proceeds to be allocated between the Landfill Litigation Reserve Fund and PGS (if such is applicable), regardless of whether such proceeds exceed the costs referenced in Recital F, shall be on a pro rata basis. Closing costs (e.g., transfer taxes, escrow fees, etc.) shall be prorated between the parties as provided in the previous sentence.3. Profit Sharing Associated with Improvements on Lot 15 of Tract 7160. If PGS with its own funds constructs, or causes to be constructed, a residential home on Lot 15 of generally similar size and quality as other residential homes within Tract 7160, the parties anticipate that the value of Lot 15, as improved, will be enhanced. If Lot 15, as improved, is sold to a bona fide purchaser, the parties will retain a mutually agreed upon appraiser to determine what the value of Lot 15 would have been without the residential home. The value of Lot 15 without the residential home as determined by the appraiser will be used to allocate the proceeds of the sale of Lot 15 as provided in paragraph 2.PGS will retain the difference, if any, between the sale price to the bona fide purchaser and value of the Lot 15 without the residential home as determined by the appraiser.Closing costs (e.g., transfer taxes, escrow fees, etc.) shall be prorated between the parties based on the ratio of the value of the land (as determined by the appraiser) to the sale price of the property.Page 2 of