RES 85099 - Laserfiche WebLink

The acquisition of street and utility improvements in Chabot Drive Extension, in and adjacent to Hacienda Business Park, Phase I, including grading, paving, curbs and gutters, domestic water mains, services and hydrants, storm drains, sanitary sewer mains, underground electrical and telephone utilities, relocated utilities, a traffic signal and landscaping; and the acquisition of the East Amador Relief Sewer (E.A.R.S.) in and adjacent to Hacienda Business Park, Phase I, from Hopyard Road to West Las Positas Boulevard including sewer mains, manholes, excavation and backfill. 2. REIMBURSEMENT OF DEVELOPMENT COSTS. The City agrees to reimburse the Developer for the'Development Costs for the Improvements described in paragraph 1 in the amount of THREE MILLION THIRTEEN THOUSAND DOLLARS ($3,013,000.00). The parties acknowledge that the Development Costs to be reimbursed pursuant to this Agreement have been ascertained from Developer's records and that the City has not conducted an independent audit of these amounts. 3. REIMBURSEMENT. The City shall reimburse the Development Costs in the amount stated in paragraph 2, less the amount of the assessments levied on Assessment Parcel Nos. 1A, 5A, 12A, 18E, 18F and 23 (net of the allowance for bond discount and reserve), by check drawn on the improvement fund for Assessment District No. 1985-1, Chabot Drive Extension and East Amador Relief Sewer, within one day after the sale and delivery of improvement bonds of the assessment district. The net amount of the reimbursement shall be $2,827,049.20. The difference between this net amount and the development costs set forth in paragraph 2 represents payment in full of the assessments on Assessment Parcel Nos. 1A, 5A, 12A, 18E, 18F and 23.