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i • <br />Developer, to the City Engineer. Thereafter, reimbursement shall <br />be based upon actual costs. <br />2. Ownership by City. Pursuant to the Subdivision Agreement <br />between City and Developer, ownership of said work shall vest in <br />the City, with Developer having the right to connect or right to <br />use said improvements in accordance with City regulation, and the <br />right to reimbursement as provided below. <br />3. Benefit Area. The area which will benefit from the <br />Improvements (the "Benefit Area") shall include those properties <br />identified by Assessor's Parcel Number as shown on Exhibit "B" <br />attached hereto and incorporated herein by this reference. <br />4. Reimbursement Principles. Each property within the <br />Benefit Area shall be subject to payment of its fair share of the <br />Improvements costs in accordance with principles consistent with <br />reimbursement provisions in the Subdivision Map Act (Government <br />Code Section 66485 et sect). <br />5. Establishment of Fee. <br />a. City shall collect a reimbursement .fee for the <br />Improvements, calculated and adjusted as provided in Paragraphs 1 <br />and 4 of this Agreement. <br />b. An annual interest charge, at the legal rate as <br />specified in the Code of Civil Procedure, 685.010 (currently eight <br />percent [8~] per annum) shall be added to such fee for each <br />calendar year in October, beginning with October, 1992. <br />c. After ten (10) years has passed, this Reimbursement <br />Agreement shall terminate. <br />6. Time of Collection. The City will require payment from <br />landowners in the Benefit Area. Reimbursement fees will be <br />required as a condition of tentative map approval and/or zoning <br />approval or prior written agreement. The City will collect the <br />reimbursement fees in conjunction with the approval of any final or <br />parcel map for building lots or upon the issuance of a new building <br />permit for any property within the Benefit Area, or by prior <br />written agreement, whichever comes first. <br />7. Time and Manner of Disbursement. <br />a. Disbursement by City to Developer shall be made <br />within sixty (60) days of the date of collection of any <br />reimbursement fee, subject to a deduction of five percent (5~) of <br />the amount received for City~s administration costs. <br />b. The right to reimbursement shall be personal to <br />Developer and shall continue notwithstanding subsequent sale or <br />contracts\tr6339.ra 2 <br />