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3. Sale of Pro~ect Site by VMH. In the event VMH <br />sells all or part of the Project Site, VMH agrees to pay to the <br />City at the time of close of escrow an amount, including offsets <br />for land dedicated to the City of Pleasanton, equal to the <br />total assessments which would have been levied in one or more <br />assessment districts against all or a part of the Project Site, <br />plus interest, to provide traffic circulation, water supply/ <br />distribution, and fire services improvements but for the exemption <br />granted pursuant to Section 1 of this Agreement. <br /> <br /> (a) The assessments which would have been <br /> <br />levied for the North Pleasanton Fire Improvement District, <br /> <br />formed , 1984 shall be $ for the <br /> <br />Project Site, with interest calculated from January, 1985. <br /> <br /> (b) For any and all subsequent assessment <br />districts, the assessments which would have been levied shall <br />be calculated on a per acre basis multiplied by the acreage of <br />the Project Site, with the per acre amount based on the per <br />acre assessment levied on lands similarly situated, as determined <br />by the Director of Public Works of the City. <br /> <br /> (c) Interest for any assessment amount shall be <br />calculated at ten percent (10%) per year simple interest and <br />shall accrue on the full amount due from the date bonds for <br />that assessment district are sold to the date payment is made. <br />In the event bonds in the full amount of the assessments levied <br />are not sold, interest shall accrue only as to that amount of <br />the assessment for which bonds have been sold. <br /> <br /> -5- <br /> <br /> <br />