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plans satisfactory to the City to be prepared for a public <br />street at the location of the Access Driveway. In conjunction <br />with City approval of the improvement plans, Valley will <br />submit the surety bond described in section 4(c) of this <br />Agreement. If improvement plans have not been accepted by <br />the City within five (5) years from the adoption of a Resolution <br />of Pdecessity, then the City may, in its discretion, abandon <br />the street. <br />4. REIMBURSEMENT OF COSTS TO CITY <br />If it becomes necessary for the City to expend any <br />funds in acquiring or improving the Access Driveway as a <br />public street, Valley agrees to reimburse the City for any <br />funds which the City may spend in acquiring, designing, <br />improving and maintaining the Access Driveway as a public <br />street, including reimbursement for staff time devoted to <br />implementing this agreement. <br />a. City shall bill Valley by invoice for reimbursement <br />on a periodic basis as City incurs costs except as <br />provided in subsection (b) and (c) below. Reimbursement <br />payments shall be paid to City within thirty (~0) days <br />from the date of invoice. <br />b. If and when it becomes necessary to obtain an <br />Order of Immediate Possession, Valley will advance the <br />required deposit to the City for deposit in the State <br />Condemnation Deposits Fund. City will remit any interest <br />received from the State Condemnation Deposits Fund <br />minus an administrative fee of $25.00 per transaction. <br />-4- <br />