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REIMBURSEMENT AGREEMENT <br /> <br /> THIS IS AN AGREEMENT between the City of Pleasanton, a <br />municipal corporation of the State of California ("the City") and <br />THE PRUDENTIAL INSURANCE COMPANY OF AMERICA ("the Owner"). <br /> <br /> RECITALS <br /> The Owner is or has been the owner of land within <br />Assessment District No. 1988-1, Old Santa Rita Road in the City of <br />Pleasanton ("Old Santa Rita Road") and more particularly described <br />in the Assessment Diagram for Assessment District No. 1988-1, Old <br />Santa Rita Road, which map is on file in the office of the City <br />Clerk of the City. The Owner has constructed certain improvements <br />designed for public use ("the Improvements"), as more fully <br />described in Exhibit A attached. The parties intend that the <br />Improvements shall be transferred to the City for public use, that <br />the City shall reimburse the Owner for the cost of constructing the <br />Improvements, and that these costs shall be specially assessed on <br />the land within Old Santa Rita Road benefiting from the <br />Improvements. The purpose of this agreement is to establish the <br />terms of the transfer of the Improvements and the reimbursement of <br />construction costs. <br /> <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> <br /> 1. The above recitals are true. Exhibit A, attached to <br />this agreement, is a part of the agreement. <br /> <br /> 2. The Owner agrees to transfer to the City the <br />Improvements as described in Exhibit A and in plans for the <br />development of Old Santa Rita Road heretofore approved by the Public <br />Works Department of the City, except any portion of the Improvements <br />as may already have been conveyed to another public agency or <br />regulated public utility. Transfer of title to the Improvements <br />shall be effected by payment to the Owner of the reimbursement set <br />forth in paragraph 3 and acceptance of the Improvements by the City <br />Council of the City by resolution. The Owner shall execute such <br />further documents as may be required to transfer title to the land <br />or easements in the land on which the Improvements have been <br />constructed. <br /> <br /> 3. The City shall reimburse the Owner for the cost of <br />constructing the Improvements in the amount of THREE MILLION <br />SIXTY FOUR THOUSAND SEVEN HUNDRED NINETY ONE DOLLARS <br />($3,064,791.00). The Owner certifies that this amount has been <br />expended by the Owner in the construction of the Improvements and <br />payment of associated expenses as detailed in Exhibit A. The <br />parties acknowledge that the amounts set forth in Exhibit A have <br />been ascertained from the records of the Owner and that the City has <br /> <br /> Or IG NAL <br /> <br /> <br />