RES 89415 - Laserfiche WebLink

2. Ownership by City. Pursuant to the Subdivision Agreement between City and Developer, ownership of said work shall vest in the City, with Developer having the right to connect or right to use said Improvements in accordance with City regulation, and the right to reimbursement as provided below. 3. Benefit Area. The area which will benefit from the Improvements (the "Benefit Area") shall include those properties fronting Rose Lane within City boundaries and those properties fronting on Rose Avenue between the intersection of Rose Lane and Rose Avenue, and a point approximately 320 feet east of the intersection as shown in Exhibit "B" attached hereto and incorporated herein by this reference. 4. Reimbursement Principle. Each property within the Benefit Area shall be subject to payment of its fair share of the Improvement costs in accordance with principles consistent with reimbursement provisions in the Subdivision Map Act (Government Code Section 66485 et seq). 5. Establishment of Fee. a. City shall collect a reimbursement fee for the Improvements, calculated and adjusted as provided in Paragraphs 1 and 4 of this Agreement. b. An annual interest charge, at the legal rate as specified in the Code of Civil Procedure, 685.010 (currently eight percent (8%) per annum) shall be added to such fee for each calendar year in August, beginning with August 1990. c. After ten (10) years has passed, this Reimbursement Agreement shall terminate. 6. Time of Collection. The City will require payment from landowners in the Benefit Area. Reimbursement fees will be required as a condition of tentative map approval and/or zoning approval or prior written agreement. The City will collect the reimbursement fees in conjunction with the approval of any final or parcel map for buildable lots or upon issuance of a new building permit for any property within the Benefit Area, or by prior written agreement, whichever comes first. 7. Time and Manner of Disbursement. a. Disbursement by City to Developer shall be made within sixty (60) days of the date of collection of any reimbursement fee, subject to a deduction of five (5%) percent of the amount received for City's administration costs. b. The right to reimbursement shall be personal to Developer and shall continue notwithstanding subsequent sale or transfer of the Property; provided that Developer shall have the right to assign its rights to such reimbursement to another person or entity at any time. -2-