PATRICIAN ASSOCIATES - Laserfiche WebLink

F. Pursuant to the Conditions of Approval, Developer and/or Owner is entitled to reimbursement for 50% of the costs of the Improvements, including but not limited to the amounts attributable to interest and administrative costs ("Reimbursable Costs"), and Owner waives the right to reimbursement in favor of Developer. The City agrees to administer the Reimbursable Costs to the Developer as set forth herein. NOW, THEREFORE, in exchange for mutual consideration, the receipt and value of which is hereby acknowledged, the parties agree as follows: Section 1. Improvements. The Improvements to be constructed, installed, and financed by the Developer and/or Owner will benefit other properties in addition to the Property ("Benefited Properties"). The Benefited Properties include the San Francisco Water Department property more particulazly described in the attached Exhibit B. Developer is entitled to recover the Reimbursable Costs of the Improvements from the property owners for the Benefited Properties, and Owner specifically waives the right to any reimbursement. The Construction of the Improvements and related work to be performed by Developer and/or Owner, which is subject to reimbursement pursuant to this Agreement, aze more fully described in the attached Exhibit A. Section 2. Reimbursable Costs. (a) An estimate of the costs for the construction of the Improvements and other related items is set forth in Exhibit A. Within sixty (60) days after completion of the Improvements, Developer and/or Owner shall submit to the City Engineer of the City the actual costs of the construction work and related items incurred for the Improvements, certified by Developer and/or Owner ("Statement of Costs"). Thereafter, the City Engineer shall review the Statement of Costs for appropriateness using a standazd of reasonableness based upon normal and accepted costs in the construction industry. (b) If the City Engineer determines that any item in the Statement of Costs is inappropriate or excessive, the item may be adjusted accordingly. Developer and/or Owner will be notified in advance of any proposed adjustment, and shall have an opportunity to present additional evidence to justify the costs. If the matter cannot be resolved to the satisfaction of both the City Engineer and the Developer and/or Owner, the City Manager of the City shall make the final determination as to permissible costs. Reimbursement from the Benefited Properties shall be based upon the Statement of Costs as approved by the City Engineer or as finally approved by the City Manager. Section 3. Ownership of Improvements. Developer and/or Owner shall dedicate the improvements to the City upon their completion, and CalTrans shall own the Improvements after they aze accepted. Thereafter, Developer and Owner shall have the right to use the Improvements in