BRADDOCK & LOGAN-REIMBURSEMENT AGMT TRAFFIC SIGNAL IMPROVEMENT 8/7/99

~ ~ F. Pursuant to the Subdivision Map Act (Government Code § 66410 et. seq.) and the Conditions of Approval, Developer is entitled to reimbursement for that portion of the costs of the Improvements (including amount attributable to interest and administrative costs) which represent the supplemental size, capacity, and mitigation which will benefit other anticipated development on nearby properties, and which are in excess of the construction costs required for the Project ("Reimbursable Costs"). City agrees to administer the reimbursement of costs to Developer as set forth herein. NOW, THEREFORE, in exchange for mutual consideration, the receipt and value of which is hereby acknowledged, the parties agree as follows: Section 1. Improvements. The Improvements to be constructed, installed and financed by Developer will benefit other properties in addition to the Property ("Benefited Properties"). The Benefited Properties for the Improvements include those properties listed in Exhibit C attached hereto and incorporated herein by this reference. Pursuant to §§ 66485 et. seq of the Subdivision Map Act, Developer is entitled to recover the Reimbursable Costs of the Improvements from the property owners of the Benefited Properties. The construction of the Improvements and the related work to be performed by Developer, which is subject to reimbursement pursuant to this Agreement, are more fully described in Exhibit B. Section 2. Reimbursable Costs. Estimates of the costs for the construction of the Improvements and other related items are set forth in Exhibit B. Within sixty (60) days after completion of the Improvements, Developer shall submit to the City Engineer of the City ("City Engineer") the actual costs of the construction work and related items incurred for the Improvements, certified by the Developer ("Statement of Costs"). Thereafter, the City Engineer shall review the Statement of Costs for appropriateness using a standard of reasonableness based upon normal and accepted costs in the construction industry. If the City Engineer determines that any item in the Statement of Costs is inappropriate or excessive, the item may be adjusted accordingly. Developer shall be notified in advance of any such adjustment and shall have the opportunity to present additional evidence of costs. If the matter cannot be resolved to the satisfaction of both the City Engineer and the Developer, the City Manager of the City ("City Manager") shall make the final determination as to permissible costs based upon bids awarded for similar City public works projects and/or third party bids. Reimbursement from the Benefited Properties shall be based upon the Statement of Costs as approved by the City Engineer or as finally approved by the City Manager. 2