CHANG, LILY - Laserfiche WebLink

Exhibit B. On June 1, 1999, City adopted the Vineyard Avenue Corridor Specific Plan which establishes that 608.5 equivalent dwelling units ("EDUs") would benefit from the shared roadway Improvements and 353 EDUs would benefit from the shared water Improvements. Therefore, 608.5 EDUs and 353 EDUs shall be used to determine the amount of reimbursement for each property owner in the Benefit Area for shared roadway and water Improvements, respectively. 5. Amount of Reimbursement: Owners are entitled to $10,340 for shared water Improvements and $285,579 in shared roadway Improvements to Vineyard Avenue for a total of $295,919 that the City shall pay to Owners, and which constitutes the reimbursable amount approved by City in its adoption of the Vineyard Avenue Corridor Specific Plan. The monies to be paid to Owners by City are hereafter referred to as "Vineyard Avenue Fees." The Vineyard Avenue Fees shall be $29.29 per unit for shared water Improvements and $469.32 per unit for shared roadway Improvements. 6. Interest: Simple interest shall accrue on the Vineyard Avenue Fees at the rate of 8% per annum, beginning July 1, 2000. 7. Time and Manner of Disbursement: City shall disburse to Owners the Vineyard Avenue Fees within thirty (30) days of City's approval of any final or parcel map for a property within the Benefit Area or at the time City issues a building permit to any property owner within the Benefit Area, whichever occurs earlier, based on the per unit assessment outlined in paragraphs 4 and 5, and regardless of whether the City collects the Vineyard Avenue Fees from the property owners within the Benefit Area. The right to reimbursement of the Vineyard Avenue Fees shall be personal to Owners. Owners shall have the right to assign its interest to such Vineyard Avenue Fees to another person or entity at any time by providing written notice to City of such assignment. Owners hereby direct that the Vineyard Avenue Fees to Owners shall be payable to "Lily Chang and Chao Wu" and mailed to: Lily Chang and Chao Wu P.O. Box 33097 Los Gatos, California 95031 8. Term: City's obligation to collect and Owners' entitlement to receive the Vineyard Avenue Fees under this Agreement shall cease fifteen (15) years from the date of this Agreement or until the City collects the entire Vineyard Avenue Fees, whichever occurs earlier. 9. Inspection and Audit: City agrees that during the duration of this Agreement, Owners shall be entitled, upon fifteen (15) days written notice, to inspect and audit all records and writings (as defined in California Evidence Code § 250) pertaining to City's collection of Vineyard Avenue Fees, including, but not limited to, City Council meeting minutes, building permits, correspondence, notes, ledgers and bank account information which pertains to the City's collection of all reimbursable amounts including the Vineyard Avenue Fees. Any such inspection and audit shall be at the City's premises. 00180002/172963-4 -2-