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<br /> <br />REIMBURSEMENT AGREEMENT )F`OR WATER LINE UPSIZING <br />(KB Home -Tract 7271 Walnut Hills) <br />THIS AGREEMENT ("Agreement") is entered into at Pleasanton, California, this <br />6th day of May 2003, by and between the City of Pleasanton, a municipal corporation <br />("City") and KB Home South Bay, Inc. ("Developer"). <br />RECITALS <br />A. Developer owns property commonly known as Tract 7271 (Walnut Hills) (the <br />"Property"). <br />B. Developer has obtained approval for the development of 121 housing units on <br />the Property ("Project"). <br />C. In connection with the development of the Project, the Developer intends to <br />construct, or cause to be constructed, water line improvements, as described in the <br />attached Exhibit A ("Improvements"). <br />D. Pursuant to the Subdivision Map Act (Government code section 66410, et <br />seq.), the Developer is entitled to reimbursement for that portion of the costs of the <br />Improvements, in excess of that required for the Project ("Reimbursable Costs"). <br />NOW, THEREFORE, in exchange for mutual consideration, the receipt of which <br />is hereby acknowledged, the parties agreed as follows: <br />Section 1. Improvements. <br />The Improvements consist of the upsizing of a waterline from 12" to 16" for a <br />distance of 1115 lineal feet, and are to be constructed, installed and financed by <br />Developer, and are described more particularly in the attached Exhibit A. The upsizing <br />of the waterline will benefit the City. Pursuant to sections 66486, et seq. of the <br />Subdivision Map Act, Developer is entitled to recover the Reimbursable Costs of the <br />Improvements from the City. <br />Section 2. Reimbursable Costs <br />A. An estimate of costs for the construction of the Improvements is set forth <br />more particularly in the attached Exhibit A, including the estimated portion for the <br />benefit of the City. Reimbursable costs shall not include any Developer's markup. <br />B. No later than ten (10) business days prior to the commencement of work <br />on the Improvements, Developer shall submit its contractor's bid price for the <br />Improvements to the City. <br />KB Home South Bay, Inc. -Tract 7271 Page 1 <br />