SAFEWAY COST REIMBURSEMENT 2001 - Laserfiche WebLink

shazes (e.g. The Taubman Company [Sears expansion]; Hines [Wells Fargo]; and Safeway). The Benefited Properties responsible for the Reimbursable Amount, based upon presently approved development, aze described more particularly as follows: ^ The Taubman Company (Stoneridge Mall -other expansions) - 65% of Reimbursable Amount ^ Kaiser (Medical Office Buildings #3 and #4) - 35% of Reimbursable Amount In the event other properties shown in Exhibit A aze approved for development, or if the presently approved projects aze modified, the pro rata shaze of each project shall be recalculated based on its respective P.M. peak hour trips, basing the total contributing projects to be those shown in Table 1 yet to be developed and adjusted for any new or changed projects. Section 4. Reimbursement. Before an owner of one of the Benefited Properties ("Property Owner") is issued a building permit for a development project, the Property Owner shall pay the full pro-rata shaze of Reimbursable Amount pursuant to this Agreement. Section 5. Interest. Simple interest at the rate of six percent (6%) shall be added to the Reimbursable Amount described in Section 2 herein each calendaz year on January 1st, beginning on January 1, 2002. Section 6. Distribution of Reimbursable Amount. The Reimbursable Amount collected by the City pursuant to this Agreement shall be distributed in a ratio of ninety percent (90%) to Developer, and ten percent (10%) to City to offset any administration costs and expenses incurred in connection with this Agreement. Section 7. Time and Manner of Reimbursement. (a) Disbursement of Reimbursable Amount collected by the City pursuant to this Agreement shall be made to Developer within thirty (30) days of collection thereof. (b) The right to the Reimbursable Amount shall be personal to Developer and shall continue notwithstanding the subsequent sale or transfer of the Property. Developer shall have the right, in its sole discretion, to assign its interest to the Reimbursable Amount to another person or entity at any time by providing the City written notice of such assignment. (c) Developer hereby directs that any Reimbursable Amount due to Developer pursuant to this Agreement shall be payable to Safeway, Inc. and mailed to: