CROCKER PROPERTIES - Laserfiche WebLink

.. ~ ~ Projects and that traffic generated by Developer's project could therefore trigger the need for the Traffic Mitigation Improvements. G. The Reimbursement Agreement provides a mechanism whereby Developer would be reimbursed by the Contributing Projects if Developer were to advance the costs of the Traffic Mitigation Improvements in excess of its pro rata share; and H. Development of the Property has been delayed and said development likely will be preceded by one or more of the Contributing Projects, and City and Developer now desire to clarify that (1) the Reimbursement Agreement was not intended to require Developer to fund the construction of the Traffic Mitigation Improvements prior to Developer's actual development of the Property, (2) if other Projects develop prior to Developer's project and advance the costs of the Traffic Mitigation Improvements, Developer will be obligated to contribute its pro rata share of those costs at such time as it is issued building permits, (3) the term of Developer's obligations under this Restated Reimbursement Agreement is to be extended to conform with the term of its Development Agreement with the City (i.e., until August 9, 2005), (4) this Restated Reimbursement Agreement could be extended indefinitely if reimbursements are either owed to Developer, or owed by Developer, at the end of the initial term, and (5) Developer may assign its obligations in conjunction with a sale or transfer of the Property. I. This Restated Reimbursement Agreement is intended to, and does, supersede the August 20, 1990 Reimbursment Agreement between the parties. NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties, the parties agree that the August 20, 1990 Reimbursement Agreement is restated and amended as follows: 1. Traffic Mitigation Improvements. a. Proposed Improvements. Traffic Mitigation Improvements have been identified by City to maintain adequate levels of service for traffic circulation in and around the Stoneridge Mall area of North Pleasanton as development occurs on certain properties which presently are undeveloped. The Traffic Mitigation Improvements are listed on Exhibit B attached hereto. b. Estimated Traffic Mitigation Improvements Costs. As shown on Exhibit B, the estimated costs of constructing the Traffic Mitigation Improvements ("Estimated Traffic Mitigation Improvements Costs"), based on present construction costs, is $1,080,000. c. Existing Funding Sources. Certain funding sources ("Existing Funding Sources") exist. A list of the Existing Funding Sources is set forth in (AGREEMENTS\SRIDG1 CL.SAM) 2