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• <br />permissible costs. Reimbursement from the Benefited Properties shall be based upon the <br />Statement of Costs as approved by the City Engineer or as finally approved by the City Manager. <br />Section 3. Ownership of Improvements. <br />City shall be the owner of record of the Improvements. Developer shall have the right to <br />use the Improvements in accordance with City regulations and the right to reimbursement for the <br />Reimbursable Costs for the Improvements, as provided herein. <br />Section 4. Benefited Properties. <br />The Benefited Properties include the properties described more particularly in the <br />attached Exhibit B. <br />Section 5. Reimbursement. <br />If an owner of one of the Benefited Properties ("Property Owner"), other than the <br />Developer, records a final parcel map or subdivision map, receives a building permit for <br />development of, or receives a building permit for an addition or substantial alteration (excluding <br />tenant improvements) of one of the Benefited Properties, the Property Owner shall pay its <br />pro-rata share of Reimbursement Costs pursuant to this Agreement to the extent provided by law. <br />Section 6. Developer's Share. <br />Developer's share of the costs of the Improvements shall be deemed contributed upon <br />payment of the estimated costs prior to the issuance of the first building permit, subject to the <br />receipt of Reimbursable Costs as herein provided. <br />Section 7. Establishment of Fee. <br />The Benefited Properties' pro-rata share of the Improvements shall be based upon the <br />number of linear feet of sidewalk along the Benefited Properties ("Reimbursement Fee"). <br />Section 8. Interest. <br />Simple interest at the rate of six percent (6%) shall be added to the Reimbursement Fee <br />described in Section 7 herein each calendar year on January 1st, beginning with the year <br />following acceptance of the Improvements. <br />Section 9. Time of Collection. <br />The City shall require the payment of the Reimbursement Fee as a condition of approval <br />of a tentative map, final parcel map, final subdivision map, or the issuance of a building permit <br />for any development of or addition to one of the Benefited Properties, as set forth in Section 5, <br />above. The City shall collect the Reimbursement Fees at the time of approval of any final <br />3 <br />