RES 83368 - Laserfiche WebLink

DEFERRED TRAFFIC SIGNAL IMPROVEMENT AGREEMENT THIS AGREEMENT is made and entered into on this day of , 1983, by and between Barratt, San Jose (herein referred to as "Developer") and the CITY OF PLEASANTON, a municipal corporation (herein referred to as "City"). The City and Developer agree as set forth below. I. RECITALS THIS AGREEMENT is made with reference to the following facts and objectives. The Developer is proposing a residential subdivision of 125 lots on an approximately 18.54 acre site west of Valley Avenue between Via de los Milagros and Hansen Drive as shown in Exhibit "A", attached to this agreement. Due to anticipated increases in vehicular traffic on Valley Avenue and Hansen Drive from this development, it is antici- pated that a traffic signal will be warranted in the future. As a condition of project approval, the Developer is required to pay one-half (½) the total estimated cost of design and construction of a traffic signal at the intersection of Valley Avenue and Hansen Drive. D. The total cost of design and construction of a traffic signal. is estimated to be eighty-five thousand dollars ($85,000.00) II. PAYMENT AND BONDING At such time in the future as is deemed necessary by the City Engineer, the design of the traffic signal at Valley Avenue and Hansen Drive will commence. Within thirty (30) days of notification by the City that the design work for the traffic signal has commenced, Developer shall pay the sum of forty-two thousand five hundred dollars ($42,500.00). The Developer shall submit to the City prior to approval of the final map, a performance bond in the amount of $42,500.00 to guarantee the future payment as described in Section II. A. above. Said performance bond shall be in a form satisfactory to the City Attorney and be for a term, or automatically renewable, so as to continue in existence until such time as payment is due pursuant to Section II. A.