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<br /> <br />4. This Agreement is part of a two step process to provide for <br />reimbursement to Developer as required by law. Step one is to <br />require the ESTATE OF VASSALLO and LAMB to each reimburse ROMERO <br />for one-third (1/3) of the cost of the project at the time they <br />file their final map (as authorized by their respective Deferred <br />Street Improvement Agreements). Step Two (as provided in this <br />Reimbursement Agreement) is to require the four remaining <br />property owners within the benefit area to each reimburse their <br />fair share of the project cost (i.e., $4,208.76. approximately <br />one-seventh) to the initial Developers at such time as any of <br />those remaining four parcels develop within the City. <br />H. If either the ESTATE OF VASSALLO or LAMB have not filed their <br />final map prior to the disbursement by the City pursuant to this <br />Agreement, then ROMERO's share of the disbursement shall be <br />increased proportionately. <br />I. The City Council hereby finds and determines that each <br />property owner within the Reimbursement District was given notice <br />by certified mail prior to Council's consideration of this <br />Agreement and an opportunity to be heard regarding the matters <br />contained herein. <br />NOW THEREFORE IT IS MUTUALLY AGREED BETWEEN THE PARTIES HERETO AS <br />FOLLOWS: <br />1. Ownership <br />Upon completion and acceptance of the project, ownership of <br />said work shall vest in the City, with Developer having the right <br />to connect or the right to use said improvements, and the right <br />to reimbursement as provided below. <br />2. Reimbursement District <br />City hereby establishes as a reimbursement district to <br />reimburse Developer for the cost of any portion of said Project <br />benefiting land of others. Said reimbursements are subject to <br />the following conditions: <br />a. Benefit Area <br />Area shall be those properties designated on Exhibit "A" <br />attached hereto and incorporated by reference herein with each <br />property bearing its proportionate share as shown on Exhibit "C", <br />of the cost of said sewer line in Foothill Road. <br />b. Reimbursement Fee. <br />City shall collect a reimbursement fee from remaining <br />properties within the Benefit Area at the time the owner of any <br />such property applies to the City for a Building Permit to <br />construct any additional dwelling unit. In other words, City <br />will not collect a reimbursement fee for any dwelling unit within <br />- 2 - <br />