RES 88080 - Laserfiche WebLink

D R A F T REIMBURSEMENT AGREEMENT FOR BERNAL AVENUE EXTENSION THIS AGREEMENT entered into at Pleasanton, California, this __day of , 1988, by and between the CITY OF PLEASANTON, a general law city, located in Alameda County, California (hereinafter called "City") and CHANG SU-O LIN (hereinafter called "Developer") is subject to the following conditions: WITNESSETH WHEREAS, Developer is the owner of real property in the City of Pleasanton, County of Alameda, State of California, as shown on Exhibit "A", attached hereto and fully incorporated by reference herein; and WHEREAS, Developer has caused or will cause to be constructed the extension of Bernal Avenue to the benefit of said and other properties as shown on an improvement plan entitled "Acquisition of right of way, administration of construction contracts and actual construction of the extension of Bernal Avenue from its terminus at Kottinger Avenue, south to Independence Drive; together with all necessary easements, turn outs, and other related improvements," on file with the City. WHEREAS, pursuant to the Map Act, developer is entitled to reimbursement for the acquisition, administration, and construction of said extension; and WHEREAS, City will inspect and accept said extension. NOW, THEREFORE, it is agreed as follows: 1. Ownership by City. Upon completion and acceptance of the work, ownership of said work shall vest in the City, with Developer having the right to reimbursement as provided below. 2. Mutual Benefit District. City and developer hereby establish a mutual benefit district to reimburse Developer for the cost of any portion of said improvements benefitting land of others. 3. Benefit Area. "Benefit Area" shall be those properties designated on Exhibit "B" attached hereto and incorporated by reference herein. 4. Reimbursement Principle. Each property within the Benefit Area shall bear its share of costs in accordance with the level and - 1 -