Laserfiche WebLink
2. Ownership by City. Pursuant to the Subdivision Agreement <br />between City and Developer, ownership of said work shall ves~ in the <br />City, with Developer having the right to connect or right to use said <br />Improvements in accordance with City regulation, and the right to <br />reimbursement as provided below. <br /> <br /> 3. Benefit Area. The area which will benefit from the <br />Improvements (the "Benefit Area") shall include those properties <br />fronting Trenery Drive within City boundaries. <br /> <br /> 4. Reimbursement Principle. Each property within the Benefit <br />Area shall be subject to payment of its fair share of the Improvement <br />costs in accordance with principles consistent with reimbursement <br />provisions in the Subdivision Map Act (Government Code Section 66485 <br />e__t seq). <br /> <br /> 5. Establishment of Fee. <br /> <br /> a. City shall collect a reimbursement fee for the <br />Improvements, calculated and adjusted as provided in Paragraphs loand <br />4 of this Agreement. <br /> <br /> b. An annual interest charge, at the legal rate as <br />specified in the Code of Civil Procedure, 685.010 (currently ten <br />percent (10%) per annum) shall be added to such fee for each calendar <br />year in July, beginning with July 1990. <br /> <br /> c. After ten (10) years has passed, this Reimbursement <br />Agreement shall terminate. <br /> <br /> 6. Time of Collection. The City will require payment from <br />landowners in the Benefit Area. Reimbursement fees will be required <br />as a condition of tentative map approval and/or zoning approval or <br />prior written agreement. The City will collect the reimbursement fees <br />in conjunction with the approval of any final or parcel map for <br />buildable lots or upon issuance of a new building permit for any <br />property within the Benefit Area, or by prior written agreement, <br />whichever comes first. <br /> <br /> 7. Time and Manner of Disbursement. <br /> <br /> a. Disbursement by City to Developer shall be made within <br />sixty (60) days of the date of collection of any reimbursement fee. <br /> <br /> b. The right to reimbursement shall be personal to <br />Developer and shall continue notwithstanding subsequent sale or <br />transfer cf the Property; provided that Developer shall have the right <br />to assign its rights to such reimbursement to another person or entity <br />at any time. <br /> <br /> - 2 - <br /> <br /> <br />