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6. Establishment of Fee. <br />a. City shall collect a reimbursement fee of <br />$4,616.00 per unit for the Improvements, calculated and <br />adjusted as provided in Paragraph 5 above and Exhibit "F" to <br />this Agreement. <br />b. The reimbursement fee may be reduced by the <br />pro rata cost of the interim water pump station improvements, <br />upon formation of a benefit district for a water tank on the <br />Presley site, as more specifically provided in Section 2 of <br />Exhibit F. <br />c. An annual interest charge at the legal rate as <br />specified in the Code of Civil Procedure, 685.010 (currently <br />ten percent (10~) per annum) shall be added to such fee for <br />each calendar year after 1989. See Exhibit "G" for schedule <br />of fees adjusted to reflect interest charges. <br />d. This reimbursement fee shall be collected for <br />each unit (excluding Developer's units) constructed within <br />the Benefit Area until the number of units paying the <br />reimbursement fee is equal to the number of anticipated <br />additional units set forth in Exhibit D or until ten years <br />from the date of this Agreement, whichever comes first (i.e., <br />August 16, 1998 or payment of reimbursement fee for 129 <br />units) . <br />7. Time of Collection <br />a. The City will require payment of reimbursement <br />fees as a condition of tentative map approval and/or zoning <br />approval. The City will collect the reimbursement fees in <br />conjunction with the approval of any final or parcel map for <br />buildable lots or upon issuance of a building permit for any <br />property within the Benefit Area, whichever comes first. <br />b. In the case of any property which develops in a <br />commercial use, the reimbursement fee shall be based upon <br />residential discharge equivalents (RDE's) or reasonable <br />alternate method to be specified by the Director of Planning <br />and Community Development. <br />c. In the case of larger lots subdivision of PUD- <br />zoned lands for which no specific development plan has been <br />approved, the payment of reimbursement fees will not be <br />required until subdivision into buildable lots or issuance of <br />building permits, whichever comes first. <br />8. Distribution of Fees. Reimbursement fees collected <br />pursuant to this Agreement shall be paid out ninety-five <br />percent (95~) to Developer and five percent (5$) to City. <br />The percentage allocated to City is the cost of administra- <br />3 <br />