STAPLES RANCH COST SHARING AGREEMENT

street standards and are in the proper location and elevation to serve the El Charro Specific Plan development. 4.7 If LIVERMORE has not paid AUTHORITY the amounts set forth in paragraph 4.6 within 12 months of the substantial completion of the El Charro Road Improvements and the Freisman Road Relocation Improvements, the total amount due shall accrue interest at the current Local Agency Investment Fund rate until payment is made by LIVERMORE. 5. IMPLEMENTATION OF FLOOD PROTECTION IMPROVEMENTS BY AUTHORITY 5.1 If LIVERMORE has not succeeded in obtaining the full execution of a CLOMR removing all of the Staples Ranch Property from the 100 year flood zone, settled all legal challenges against the El Charro Specific Plan and/or the El Charro Specific Plan EIR by January 1, 2008, secured all necessary permits and completed construction plans for the Livermore Floor Protection Improvements by April 30, 2008 or commenced construction for the Livermore Flood Protection Improvements by July 1, 2008, AUTHORITY shall, at its sole discretion, have the right to decide to pursue a flood control project ("Staples Ranch Flood Protection Alternative") that would not be located within the El Charro Specific Plan Area. The Staples Ranch Flood Protection Alternative would not remove the areas currently designated for commercial development within the El Charro Specific Plan from the 100 year flood zone and would not change the current hydrologic conditions in the El Charro Specific Plan Area.. If the AUTHORITY chooses to pursue the Staples Ranch Flood Protection Alternative. the AUTHORITY shall design, permit and construct such project. LIVERMORE shall cooperate with the AUTHORITY in the AUTHORITY'S efforts to obtain all necessary permits and approvals for the Staples Ranch Flood Protection Alternative, but LIVERMORE shall have no obligation to contribute funding to the Staples Ranch Flood Protection Alternative. 5.2 If LIVERMORE, for any reason, fails to commence construction of the Livermore Flood Protection Improvements by July 1, 2008, (or a later date if LIVERMORE and AUTHORITY mutually agree) the AUTHORITY shall have the right to proceed with the design, permitting and construction of the Livermore Flood Protection Improvements. If the AUTHORITY makes this election, LIVERMORE shall cooperate with AUTHORITY, including, but not limited to, providing AUTHORITY with all studies, drawings, permits, agreements, permit applications and draft agreements relating to the design, permitting and construction of the Livermore Flood Protection Improvements. LIVERMORE shall also cooperate, to the fullest extent possible, in permitting the AUTHORITY to construct the Livermore Flood Protection Improvements by providing AUTHORITY with all necessary 10 Cost Sharing Agreement Surplus Property Authority, Livermore and Pleasanton