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costs of the construction work, certified by the City Engineer. <br />Thereafter, reimbursement fees shall be based upon actual costs. <br />2. Ownership by City. Pursuant to the Subdivision <br />Agreement between City and Developer dated December 10, 1991, <br />ownership of said work shall vest in the City, with Developer <br />having the right to connect or right to use said Improvements in <br />accordance with City regulations, and the right to reimbursement <br />as provided below. <br />3. Benefit Area. <br />a. The area which will benefit from the Improvements <br />(the "Benefit Area") shall include the Property and those <br />properties listed on Exhibit "B" attached hereto and incorporated <br />by reference herein, and shown on the map attached as Exhibit <br />nBn. <br />b. Within the Benefit Area, it is anticipated that an <br />additional eight (8) units will be constructed and subject to <br />this Reimbursement Agreement. <br />4. Existing Units Exempt. Housing units within the <br />Benefit Area which exist as of the date of this Agreement shall <br />be exempt from payment of costs of construction of the <br />Improvements within the term of this Agreement. <br />5. Reimbursement Principle. <br />a. Each property within the Benefit Area shall be <br />subject to payment of its fair share of the Improvement costs in <br />accordance with principles of special benefit as applied in <br />assessment districts and consistent with reimbursement provisions <br />in the Subdivision Map Act (Government Code Section 66485 et <br />se . ) . <br />b. Developer's share of the cost of Improvements <br />shall be deemed contributed upon completion of construction of <br />the Improvements, subject to reimbursement as herein provided. <br />6. Establishment of Fee. <br />a. City shall collect an estimated reimbursement fee <br />of $1,625 per unit for the Improvements, calculated and adjusted <br />as provided in Paragraphs 1 and 5 above to this Agreement. <br />b. An annual interest charge at the legal rate as <br />specified in the Code of Civil Procedure, Section 685.010 <br />[currently seven percent (7~) per annum] shall be added each July <br />to such fee for each calendar year after 1992 during the last <br />nine years of this Agreement. <br />- 2 - <br />