RES 87166 - Laserfiche WebLink

granted pursuant to Section 1 of this Agreement. For purposes of a sale of Kaiser property herein, it shall be presumed that any sale of a portion of the Project Site shall first be deemed a sale of non-excluded acreage. (a) The assessments which would have been levied for the North Pleasanton Improvement District No. 3, formed April 21, 1987, shall be four hundred and twenty-eight thousand, four hundred and forty-eight dollars ($428,448.00) for the 7.27 acre Excluded Area of the Project Site. Back interest shall be calculated as set forth in subparagraph (c). (b) For any subsequent assessment districts relating to regional transportation facilities during the term of this agreement, the assessments which would have been levied shall be calculated on a per acre basis multiplied by the acreage of the Excluded Area of the Project Site, with the per acre amount based on the per acre assessment levied on lands similarly situated, as determined by the Director of Public Works of the City. (c) Interest for any assessment amount shall be simple interest calculated at the legal rate for the State of California during the time periods of non-assessments, and shall accrue on the full amount due from the date bonds for that assessment district are sold to the date payment is made by Kaiser. In the event bonds in the full amount of the assessments levied are not sold, interest shall accrue only as to that amount of the assessment for which bonds have been sold. (d) In the event a part of the Excluded Area of the Project Site is sold, the amount due shall be equal to the acreage to be sold multiplied by the per acre assessment levied. (e) Provided, however, that in the event Kaiser sells all or a part of the Excluded Area to another nonprofit health 02/kaiser -5-