BERNAL INVESTMENT REIMBURSEMENT - Laserfiche WebLink

~~ REIMBURSEMENT AGREEMENT FOR BERNAL PROPERTY (Bernal Investment Company LLC- Tract 7255) THIS AGREEMENT ("Agreement"} is entered into at Pleasanton, California, this 6~' day of May 2003, by and between the City of Pleasanton, a municipal corporation ("City") and Bernal Investment Company LLC. ("BIC" or "Developer"). RECITALS A. Developer is constructing `backbone' infrastructure improvements (the "Project") on portions of property commonly known as Tract 7255 -Bernal Property (the "Property"). B. In connection with the development of the Project, the Developer intends to construct, or cause to be constructed, public improvements, as described in the attached Exhibit A ("Improvements"). C. Pursuant to the Subdivision Map Act (Government code section 66410, et seq.), the Developer is entitled to reimbursement for that portion of the costs of the Improvements, in excess of that required for the private development of the Property ("Reimbursable Costs"). 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 are described more particularly in the attached Exhibit A. 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. Section 2. Reimbursable Costs A. An estimate of cost for the construction of each of the Improvements is set forth more particularly in the attached Exhibit A, including the estimated portion for the benefit of the City. Reimbursable costs may include apro-rata share of bonding and City permit and inspection fee costs, but shall not include any Developer's markup to contractor's prices. B. No later than ten (10) business days prior to the commencement of work on each of the Improvements, or within ten (10) days after the date of the Agreement if work has started and bid prices do not exceed the amounts set forth in Exhibit A, Developer shall submit its contractor's bid price for that Improvement to the City. The City shall have three (3) business days in which to advise the Developer if the City elects Bernal Investment Company LLC -Tract 7255 Page 1