BOZORGZAD - REIMBURSEMENT AGMT FOR IMPROVEMENT 10/25/00

REIMBURSEMENT AGREEMENT FOR IMPROVEMENT (San Carlos Way Waterline) THIS AGREEMENT ("Agreement") is entered into at Pleasanton, California, this j ~``` day of ~ ew ~e~' , 2000, by and between the City of Pleasanton, a municipal corporation ("City") and Hossein Bozorgzad ("Developer"). RECITALS A. Developer is the owner of property located in the City of Pleasanton, County of Alameda, State of California, commonly known as 488 Sycamore Road, consisting of approximately 2 acres (the "Property"). B. The Developer has received approval for a Planned Unit Development Plan (PUD 99-02), pursuant to Ordinance No. 1788, adopted by the City Council on October 19, 1999; and the Developer has obtained approval of a vesting tentative map for afour- lot single-family, detached residential development designated as Parcel Map 7534 ("Project"), approved the City on February- 2000. C. In connection with the development of the Property, the Developer intends to construct, or cause to be constructed, water system enhancement improvements as described in Exhibit A, attached hereto and incorporated herein by this reference ("Improvements"). The Improvements contain supplemental length which will benefit the City's water system. D. Pursuant to condition number 74 of the. Conditions of Approval for PUD-99- 02, the Developer is required to enter a reimbursement agreement with the City, and install the Improvements subject to reimbursement from the City. E. Pursuant to the Subdivision Map Act (Government code section 66410, et seq.) and the Conditions of Approval, the Developer is entitled to reimbursement for that portion of the costs of the Improvements, including amounts attributable to interest and administration costs, in excess of the construction costs required for the Project ("Reimbursable Costs"). City agrees to administer the reimbursement of costs to Developer as set forth herein. NOW, THEREFORE, in exchange for mutual consideration, the receipt of which is hereby acknowledged, the parties agreed as follows: Section 1. Improvements. The improvements to be constructed, installed and financed by Developer will benefit the City. Pursuant to sections 66486, et seq. of the Subdivision Map Act, Developer is entitled to recover the Reimbursable Costs of the Improvements from the City. The construction of the Improvements and the related work to be performed by Developer is more fully described in Exhibit A.