RES 87166 - Laserfiche WebLink

(e) "Commence construction" shall for purposes of this Agreement be defined as the first work of improvement or delivery of material pursuant to a valid building permit issued by the City of Pleasanton. (f) If construction of any of the 7.27 acres of Facilities, has not been commenced within the time provided herein, then and in that event, Kaiser shall pay to City a pro rata amount of the excluded assessment based upon the ratio of the excluded acreage upon which construction has commenced to the total acreage of the Excluded Area. (g) If payment to City of the assessments required to be paid pursuant to subparagraph (f) above is, in the judgment of Kaiser, not economically possible or not economically feasible, then Kaiser may elect to pay to City the amount of the installments excluded to date and the balance of the assessments shall be paid in accordance with a payment schedule mutually agreed upon by the City and Kaiser, said payment schedule to approximate the yearly payment due had the property been included in the assessment district(s). All costs of this procedure shall be paid solely by Kaiser and neither the assessment district nor City shall be at any cost or expense in connection with such proceeding. (h) In the event Kaiser does not complete the construction on the Excluded Area of the Project Site called for by Section 2, the sole remedy of City is set forth in Sections 2, 3 and 4 and as secured by Section 5. 3. Sale of Excluded Area of Project Site by Kaiser. In the event Kaiser sells all or part of the excluded area of the Project Site, Kaiser agrees to pay to the City at the time of close of escrow an amount equal to the total assessments which would have been levied in NPID No. 3 against that portion of the Excluded Area being sold, plus interest, but for the exclusion I/kaiser -4-