SAFEWAY COST REIMBURSEMENT 2001 - Laserfiche WebLink

COST REIMBURSEMENT AGREEMENT (Canyon Way /Foothill Road Phase I Improvements and Canyon Way / Stoneridge Mall Road Traffic Signal) THIS AGREEMENT ("Agreement") is entered into this ~.3 day of ~~'~~'~~"', 2001 by and between the CITY OF PLEASANTON, a municipal corporation ("City"), and SAFEWAY INC. a Delaware corporation ("Developer"). RECITALS A. In conjunction with Developer's expansion of its office complex on real property in the City of Pleasanton, County of Alameda, State of California, described as 5900, 5906, 5912, 5918, 5920, 5930, and 5940 Stoneridge Mall Road ("the Property"), Developer paid for the traffic signal installed at Canyon Way / Stoneridge Mall Road (the "Improvements") which has benefit for the Property and other properties in the vicinity. B. Developer's costs for the Improvements was $120,000, of which $50,040 was paid for by other properties developing in the azea (Sears, Hines). Developer's pro rata shaze of the Improvements, based on the amount of approved but unbuilt development within the benefited area, is $7,200. Thus, Developer has incurred expenses totaling $62,760 in excess of its pro rata shaze for which it seeks reimbursement. NOW, THEREFORE, in exchange for mutual consideration, the receipt and value of which is hereby acknowledged, the parties agree as follows: Section 1. Improvements. The Improvements which have been constructed by the City and paid for by the Developer and other property owners are described more particularly as the traffic signal at Canyon Way and Stoneridge Mall Road and associated street adjustments to accommodate the signal. Section 2. Reimbursable Amount. The costs for the construction of the Improvements is $120,000.. Contributions for the Improvements have been made by The Taubman Company (Sears expansion), Hines (Wells Fazgo), and Developer. However, Developer has made contributions in excess of its pro rata share, and is entitled to reimbursement of Sixty-Two Thousand Seven Hundred and Sixty Dollars ($62,760) (the "Reimbursable Amount"). Section 3. Benefited Properties. The Benefited Properties include those properties highlighted in the attached Exhibit A, excepting therefrom those properties which have already paid their pro rata