RES 84174 - Laserfiche WebLink

The acquisition of offsite street and utility improvements including grading, paving, curbs and gutters, a bridge, traffic signals, sound walls, landscaping, domestic water main services and hydrants, storm drain, sanitary sewer mains, underground electrical and telephone utilities, and relocating utilities, on Hopyard Road between Valley Avenue and approximately 800 feet southerly to Owens Drive; Owens Drive between Hopyard Road and approximately 425 feet westerly to Hopyard Road; portions of Johnson Court; and West Las Positas Boulevard between the Southern Pacific Transportation Company railroad tracks and Santa Rita Road. 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 $16,370,000.00. 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, by a check drawn on the improvement fund for Assessment District No. 1984-1 within one day after the sale and delivery of improvement bonds of the assessment district. 4. CONVEYANCE OF TITLE. Title to the Improvements shall vest in the City upon reimbursement of the Development Costs as set forth in Paragraph 2 and formal acceptance of the dedication of the Improvements by resolution of the City Council of the City. 5. CONDITIONS PRECEDENT TO TRANSFER. The transfer and acceptance of the Improvements and reimbursement of Development Costs is conditional on the completion of special assessment proceedings undertaken by the City as Assessment District No. 1984-1 2