Laserfiche WebLink
2. Ownership by City. Pursuant to the Subdivision Agreement <br />between City and Developer, ownership of said work shall vest in <br />the City, with Developer having the right to connect or right to <br />use said Improvements in accordance with City regulation, and the <br />right to reimbursement as provided below. <br />3. Benefit Area. The area which will benefit from the <br />Improvements (the "Benefit Area") shall include those properties <br />as described in Exhibit "B" attached hereto and incorporated <br />herein by this reference. <br />4. Reimbursement Principle. Each property within the <br />Benefit Area shall be subject to payment of its fair share of the <br />Improvement costs in accordance with principles consistent with <br />reimbursement provisions in the Subdivision Map Act (Government <br />Code Section 66485 et sew). Reimbursement shall be based on <br />ninety six (96) residential units. Each unit shall pay 1.042 of <br />the costs. It is expected Golden Eagle shall connect 68 units to <br />the subject reservoir. Reimbursement to developer shall be based <br />on 28 future residential units connecting to this reservoir or <br />29.18% of the construction and engineering costs to be allocated <br />to future development. <br />5. Establishment of Fee. <br />a. City shall collect a reimbursement fee for the <br />Improvements, calculated and adjusted as provided in Paragraphs 1 <br />and 4 of this Agreement. <br />b. An annual interest charge, at the legal rate as <br />specified in the Code of Civil Procedure, 685.010 (currently ten <br />percent (10$) per annum) shall be added to such fee for each <br />calendar year in August, beginning with August, 1990. <br />C. After ten (10) years has passed, this Reimbursement <br />Agreement shall terminate. <br />6. Time of Collection. The City will require payment from <br />landowners in the Benefit Area. Reimbursement fees will be <br />required as a condition of tentative map approval and/or zoning <br />approval or prior written agreement. The City will collect the <br />reimbursement fees in conjunction with the approval of any final <br />or parcel map for buildable lots or upon issuance of a new <br />residential and building permit for any property within the <br />Benefit Area, or by prior written agreement, whichever comes <br />first. <br />7. Time and Manner of Disbursement. <br />a. Disbursement by City to Developer shall be made <br />within sixty (60) days of the date of collection of any <br />reimbursement fee. <br />- 2 - <br />