FIRST PLEASANTON INVESTORS - REIMBURSEMENT AGMT

t _. s ~ NOW, THHREFORE, it is agreed as follows: 1. Upon completion and acceptance of the work, ownership of said work shall vest in the City, with Developer having. the right to connect or the right to use said improvements, and the right to reimbursement as provided below. 2. City and Developerhereby establshs a mutual .benefit district -to reimburse Developer for the cost of .any portion of said improvements benefitingland of others. Said reimbursements shall be subject to the following conditions: (a) Benefit area shall be the street frontages of those properties designated on .EXHIBIT "A" .attached hereto. and incorporated by reference .herein with each side.of Santa Rita Road bearing its' proportionate share of ..the cost of said water line in San a Rita Raad. (b) City shall cgllect a connection charge for said water facilities pursuant:- to the calculations and engineering data -set fort~• on EXHIBIT "B" attached hereto .and- incor-~orated by reference herein. An annual interest rate of six percent shall be added to all connec- tion charges collectedpursuant to this agreement after January 1, 19 76 (c) Reimbursement to Developer shall lae made by City from connection. charges collected pursuant to this agreement with n.inety- five percent (950) of monies so collected to be paid to developer, the remainder being retained by City to `partially, of€set the costs of administering .'this reimbursement agreement. (d) Disbursement by -City to Developer shall be made within 60 days of date of .collection of any` connection charges pursuant tc~ ~- ' this agreement. (e) Term of the mutual benefit district shall be fifteen (15} years, and. if full reimbursement has not been Wade by such time the Developer will not be entitled `to further reimbursement under this agreement.. -2-