Laserfiche WebLink
. • ~ <br />U <br />~.1 <br />3lgreement bet-~+ree~n Cfty amd Developer, ownership of the <br />Tmpzov8ments shall vest in the C3.ty, with Developer having the <br />right to corinsct or right to.use the smproveme+uts in arxordanc~ <br />with City regulations, and.the right to reimbursement ss provided <br />beloer. . <br />3. SenQfit tea. The area which will benefit from t1~e• <br />Improvements (th,Q "Benefit Crean) is that properrty identified on <br />$xhibit "8° attached hereto aAd ,iacorPorated herein by this <br />reference and bearing A~sgassor's Parcel Number 946-3031-1. <br />4. R~3mLnr~e~erit Princivle. Such property within the <br />Benefit Bran. shall be subject to pPtyment .of its fa,3.r share of tt~ <br />Tmprove~aent costs in accordance with principles aansistent with <br />reim~sement provisions ~ the Snbdiviaion Mayo gct. . <br />5. sE t~.blishmeat of Fee. . <br />a. City sha11 collect a reimbursement fee for the <br />Improvements, calculated. as p~rovid,ed is Paragraph 1, and ac; <br />adjusted in Paragraph 5, cf. this g' ee~u~*+t. <br />b. Br- atmnal interest Chttrge, Zlt the 1Qgal rAte as <br />specified in the Code of Civil Procedure, Section 665.OL0 <br />(c~~rtly ten. percent [10$1 per annum) , shall be a8ded to 'such <br />reim~rsement fees. <br />c. gttsr eleven. years, six months have passed, this <br />R@imblirS~n't gQree2R~lllt ~1H.Y1 torn~~ r~atB. <br />fi , o The City •will require payment from. <br />owner or owners in the Beflef'it Brea. ~,imhurs~ment <br />the, property <br />fees will be repaired as a condition of tentative map approval <br />and/or zoning approval or prior written. agreement. The City <br />shall collect the reimbursement fees in. conj~mction with the <br />filing of a final map on the Exhibit B property. • <br />7. ~t+imp and Manner of Dis~narsement. <br />a. Disburse~atant by City to Developer shall be made <br />within sixty (60} days of the date of collection of any <br />reimbus-~sement fee, subject to a deduction of five heindred dollaraa <br />($5oo)-for City's aamiaistration costs. <br />b. The right to reimbursement shall be personal to <br />Developer and shall continue notvithst~rat*~g snbsoqueat sale or <br />transfer of the Property. provided, that Developer shall hate the <br />right td assign its rights to such reimbursement to another <br />person or esitity at any time. - <br />-a- <br />