RES 85144 - Laserfiche WebLink

TRAFFIC SIGNAL CONTROL IMPROVEMENT AGREEMENT TRAFFIC SIGNAL CONTROL AND MONITORING SYSTEM IMPROVEMENTS PLEASANTON, ALAMEDA COUNTY, CALIFORNIA THIS AGREEMENT is made and entered this day of , 1985 by and between: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 4637 CHABOT DRIVE, SUITE 203 PLEASANTON, CALIFORNIA 94566 and CALLAHAN PENTZ PROPERTIES PLEASANTON 4637 CHABOT DRIVE, SUITE 300 PLEASANTON, CALIFORNIA 9456.6 (hereinafter collectively referred to as "Developer") and the CITY OF PLEASANTON, a municipal corporation (hereinafter referred to as "City"). WITNESSETH: WHEREAS, City has planned to install an on-line traffic intersection capacity monitoring system for key intersections throughout the City, a portion of which will be located in the north Pleasanton area and are planned to be installed at the full expense of the proposed North Pleasanton Improvement District; and WHEREAS, Developer is the major landowner in the proposed North Pleasanton Improvement District and wishes to install these improvements in advance of their installation by said district; and WHEREAS, City will benefit by the early installation of these improvements and Developer can be reimbursed and/or credited for the work upon formation of he North Pleasanton Improvement District; 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 date of this agreement, subject to delays beyond the control of Developer. - 1 -