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<br />then that contributing property is <br />Developer 25 percent of the traffic <br />373 = 373 = 25•°s. <br />373 + 1120 1493 <br />• <br />required to reimburse <br />signal cost as follows: <br />b. For the Stoneridge Drive South Frontage <br />Improvements, reimbursement shall be calculated as follows: <br />Reimbursement shall be based upon the percentage of the <br />frontage of the Benefit Area that is being developed for non- <br />church related uses. For example, if 25 percent of the <br />Stoneridge Frontage of the Benefit Area property is developed for <br />non-church related uses, then 25 percent of the cost of the <br />Stoneridge Frontage Improvements paid by the Developer for Tract <br />6341 shall be reimbursed. The Benefit Area's total linear <br />frontage on Stoneridge Drive shall be 1014 feet for the purpose <br />of calculations pursuant to this subsection of the Agreement. <br />c. An annual interest charge, at the legal rate as <br />specified in the Code of Civil Procedure section 685.010 <br />(currently eight percent (8~) per annum) shall be added to such <br />fee beginning on December 31, 1991 and each year thereafter. <br />6. Time of Collection. The City will require payment from <br />the landowner(s) in the Benefit Area. Reimbursement fees will be <br />collected as a condition of tentative map approval, building <br />permit and/or zoning approval, or by prior written agreement, <br />whichever comes 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, subject to a deduction of five percent (5~) of <br />the amount received or five hundred dollars ($500), whichever is <br />less, for City's administration costs. <br />b. The right to reimbursement shall be personal to <br />Developer and shall continue notwithstanding subsequent sale or <br />transfer of the Property; provided that Developer shall have the <br />right to assign its rights to such reimbursement to another <br />person or entity at any time. <br />8. Term. City will cease collecting fees and the <br />Developer will not be entitled to further reimbursement under <br />this Agreement after December 31, 2001. <br />9. Disputes. Disputes arising as to this Agreement or as <br />to connections or charges shall be resolved by the City Manager. <br />Any appeal from his/her decision shall be in writing addressed to <br />the City Council. Final Council action shall be required before <br />any suit is commenced in Superior Court based on this Agreement. <br />3 <br />