RES 86192 - Laserfiche WebLink

IMPROVEMENT AGREEMENT HOPYARD/INTERSTATE 580 INTERCHANGE IMPROVEMENTS - PHASE IB PLEASANTON, ALAMEDA COUNTY, CALIFORNIA ' THIS AGREEMENT is made and entered at Pleasanton, California on the day of , 1986 by and between: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 4309 Hacienda Drive, Suite 500 Pleasanton, California 94566 (hereinafter referred to as "Developer") and the CITY OF PLEASANTON, a municipal corporation (hereinafter referred to as "City"). WITNESSETH: WHEREAS, the City, throug the proposed North Pleasanton Improvement District (Freeways), has planned to widen and improve the interchange at Hopyard Road/Dougherty Road/Interstate 580; and WHEREAS, Caltrans has given preliminary approval of the proposed improvements and shall have final authority over the plans and specifications, said final approval is anticipated to have been received prior to execution of this agreement; and WHEREAS, Developer wishes to construct this phase of improvements in advance of the formation of the North Pleasanton Improvement District (Freeways) in order to reduce traffic congestion as early as is feasible; and WHEREAS, the City desires the early construction of the improvements for the benefit of its citizens and may provide for the reimbursement and/or credit of Developer for the costs therefor upon the formation of the North Pleasanton Improvement District (Freeways); NOW, THEREFORE, in consideration of the faithful performance of the promises, terms, conditions and covenants set forth herein, the parties hereto agree as follows: 1. Time of Essence. Time is of the essence in the performance of this agreement. The work and improvements required by this agreement to be completed by Developer shall be completed within one (1) year from the above-mentioned date of this agreement subject to delays beyond the control of Developer. The City shall extend the time for completion of improvements hereunder, upon good cause being shown by the Developer. Any - 1 -