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<br /> <br />c. The land on which the work is done must be owned by the city, offered for <br />dedication to the city through a recorded document, or be owned by or offered for <br />dedication to a public agency that would offer general public access to the facility <br />or land. <br />d. The developer shall have improvement plans for the work approved by the city engineer <br />and shall provide a bond, cash deposit or other type of security as required by the <br />Subdivision Map Act, the City of Pleasanton’s Subdivision Ordinance or other applicable <br />provision of the Pleadsanton Municipal Code, before beginning construction. <br />2. The developer and the city shall enter into a written subdivision or other agreement with <br />respect to the credit, which shall be recorded against the property. The agreement shall <br />include the amount of the credit which will be given (or for unusual projects, the exact <br />method of calculating the credit), when the credit will be given, and to which lots it will <br />apply. aA <br /> <br />§ 3.22.070. Reimbursements. <br />A. General. <br />1. If the credit for improvements due under Section 3.22.060 of this chapter exceeds the <br />required capital facilities fee for development, the developer is eligible for <br />reimbursement from the capital facilities fund. <br />2. To be eligible for reimbursement, the following must be satisfied: <br />a. The developer is eligible for credit under Section 3.22.060 of this chapter; and <br />b. The credit due exceeds the required capital facilities fee. <br />B. Development or Other Agreement. The terms of a written development or other agreement <br />regarding reimbursement for public facilities shall supersede the terms of this section. <br />C. Time and Manner of Reimbursement. <br />1. The community development director shall determine the exact amount of <br />reimbursement at the time the improvements are accepted by the city. <br />2. Until repaid, the reimbursement amount shall accrue simple interest commencing upon <br />acceptance of the improvements by the city. Simple interest shall accrue each year on <br />January 1st in an amount equal to the percentage change to the Engineering News <br />Record Construction Cost Index for the San Francisco—Bay Area. Reimbursement <br />payments will be applied first to interest and then to principal. <br />3. The total amount of reimbursement, net of credits, shall be set one time upon acceptance <br />of the improvements. The annual percentage amount of reimbursement shall be set one <br />time, upon acceptance of the improvements, by establishing a percentage equal to: the <br />percentage value of the reimbursement amount compared to the value of all eligible <br />improvements; such set percentage shall then be multiplied by the total of all capital <br />facilities capital facilities fees collected in the preceding year to produce a pro rata <br />payment for each year. <br />4. In the event that the amount to be reimbursed to developers pursuant to this section, or <br />Page 177 of 893