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<br />7. Establishment of Fee. <br />n <br />If the signal and related public <br />improvements are constructed prior to recording of a final <br />subdivision or parcel map or the issuance of a building permit in <br />the overlapping benefit area, the City would collect from the <br />permittee an estimated reimbursement fee based upon the <br />percentage of benefit in Exhibit B attached hereto, calculated <br />and adjusted on January 1 of each calendar year as provided in <br />Paragraph 8 below. <br />8. Interest. An annual interest charge of 6~ shall be <br />added each calendar year on January 1 beginning on the January of <br />the year following the City Council's acceptance of the signal <br />and related improvements, as stated in Exhibit D. <br />9. Time of Collection. The City will require payment of <br />the reimbursement fees as a condition of tentative map approval <br />or final map approval. If payment was not collected as condition <br />of tentative or final map approval, City shall collect fee at <br />time of the issuance of a building permit. In the case of any <br />property that develops in a commercial use, the reimbursement fee <br />shall be based upon an equivalence specified by the Director of <br />Planning and Community Development. <br />10. Distribution of Fees. Reimbursement fees collected <br />pursuant to this Agreement shall be paid out ninety-five percent <br />(950) to Developer and five percent (5%) to City. The. percentage <br />allocated to the City is the cost of administration. <br />- 4 - <br />