GREY EAGLE ESTATES - WATER FACILITY & REIMBURSEMENT AGMT

WHEREAS, it is the intention of the parties that the subdivider will provide a combination of real. property, water system improve- ments, and cash equal in value to $112,000($4,000 per connection x 28 connections); and _- "- WHEREAS, it is understood and agreed between the parties that if the cost of needed water facilities were spread evenly between all anticipated near-term developt+lents, the average cost per connec- tion would be $1,050. (Near-term developments are those described in Creegan and D'Angelo letter of July 12, 1984 to R. L. Warnick plus 84 units proposed for the "Lund Ranch" in the Bon de Pressure Zone.) WHEREAS, Condition No. 34 of the tentative map approval, Planning Commission Resolution No. 2477, requires that the developer pay a proportionate share of necessary water facilities as a condition precedent to approval of a final map for the subdivision. ?'1OW, THEREFO~ZE, in consideration of the faithful performance of the promises, terms, conditions and covenants set forth herein by Subdivider and the approval of the map for recording by the City, the parties hereto agree as follows: 1. Work. As a part of the public improvements for Tract :do. 5189, Grey Eagle Estates, Subdivider will construct: A. Approximately 1,000 feet of 12-inch water line from Feather Court cul-de-sac to Grey Eagle Court cul-de-sac via the emergency access road; B. 400 linear feet of 12-inch water line from Grey Eagle Court cul-de-sac to the proposed new reservoir; " C. Preliminary grading for the proposed reservoir. The Subdivider and City agree that the approximate value of this work is $S~O,OOO:;i~ 2. Reservoir Site. Subdivider will deed to the City an adequate site for the proposed 1.8 million gallon reservoir at a location satisfactory to the City Engineer on proposed Lot 10 and/or 11. Within 30 days after notification from the City Engineer of the approved site, the Subdivider will convey a Grant Deed to the site, along with suitable access easements to the City. The City and Subdivider agree that the value of this dedication is approximately $50,000./ 3. Cash Contribution. Within 30 days from the time the City awards a construction contract for a water reservoir of approximately 1.8 million gallons capacity within site designated in Section 2 above, the Subdivider will pay to the City $12,000: This amount is calculated by determining the total contribution as $4,000 per connection times 28 connections less the $100,000 contributions of work and land. -2-