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. ~, ~ • <br />Section 3. Ownership of Improvements. <br />Developer shall dedicate the Improvements to the City upon their completion, and City <br />shall own the Improvements after they are accepted by the City Council. Thereafter, Developer <br />shall have the right to use the Improvements in accordance with City regulations and the right to <br />reimbursement for the Reimbursable Costs for the Improvements as provided herein. <br />Section 4. Benefit Area. <br />The Benefited Properties include those properties listed on Exhibit C, and the areas to be <br />benefited by the Improvements is depicted on the map attached hereto as Exhibit D attached <br />hereto and incorporated herein by this reference ("Benefit Area"). <br />Within the Benefit Area for the Improvements, it is anticipated that the owner of <br />Benefited Property ("Benefited Property Owner") will pay thirty-seven and one-half percent <br />(37.5%) of the cost of the Improvements, as well as 100% of the cost of any required relocation <br />of the Improvements, per Section 7. City will use its best efforts to obtain the Reimbursable <br />Costs from the Benefited Property owners such that the Developer will be made whole with <br />regard to the Reimbursable Costs. <br />Section 5. Reimbursement. <br />If a Property Owner, other than the Developer, records a final parcel map or subdivision <br />map or receives a building permit for development of one of the Benefited properties, the <br />Benefited Property Owner shall pay its share of Reimbursable Cost as set forth in Exhibit B. <br />Section 6. Developer's Share. <br />Developer's share of the costs of the Improvements shall be deemed contributed upon the <br />completion of construction of the Improvements and the acceptance thereof by the City Council, <br />subject to the receipt of the Reimbursable Costs as provided herein. <br />Section 7. Establishment of Fee. <br />The City shall collect from the Property Owners reimbursement fees in the amounts <br />specified in Exhibit B, plus adjustments made each January 1st of each calendar year to reflect <br />the addition of interest per Section 8. ("Reimbursement Fee(s)"). <br />Section 8. Interest. <br />Simple interest at a 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 the year following the <br />City Council's acceptance of the Improvements. <br />3 <br />