RUBY HILL DEVELOPMENT VINEYARD AVE S CURVE - REIMBURSEMENT AGREEMENT FOR IMPROVEMENTS - APRIL 2005

REIMBURSEMENT AGREEMENT FOR IMPROVEMENTS Vineyard Avenue "S" Curve Realignment ,. HIS AGREEMENT is entered into at Pleasanton, California, this ~ day of 1, 2005, by and between the CITY OF PLEASANTON, a general law city, ("City"), RUBY HILL DEVELOPMENT JOINT VENTURE, L.P., a California limited partnership ("Developer"). A. Developer is the developer of certain real property in the City of Pleasanton, County of Alameda, State of California, commonly known as "Ruby Hill" ("Property"). B. As to the Property, Developer obtained City approval of final subdivision maps, consisting of a total of 850 residential lots, on the Property. C. In connection with the development of the Property, Developer caused to be constructed certain improvements ("the Improvements"), namely the realignment of the "S" curve on Vineyard Avenue and other improvements related thereto, that will benefit the Property and other properties more fully described below. D. Pursuant to the Subdivision Map Act (Government Code section 66410, et sec ..,), Developer is entitled to reimbursement for certain costs for the Improvements and City is willing to administer the reimbursement of costs to Developer as set forth herein. NOW, THEREFORE, it is agreed as follows: 1. Improvements. Developer has constructed the Improvements described in more detail on the attached Exhibit A. 2. Principles of Reimbursement. The Improvements will benefit other property Owners as well as the Developer. Because the Improvements benefit other property owners, Developer is entitled to be reimbursed from these property owners for their pro rata share of the final construction costs of the Improvements. Developer's share of the cost of the Improvements are deemed contributed as they have been accepted by the City Council, subject to reimbursement as herein provided. 3. Ownership of Improvements. Pursuant to a Roadway Improvement Agreement between the City and Developer, City accepted and now owns the Improvements. 4. Benefit Area and Method of Reimbursement. The properties that will benefit from the Improvements ("the Benefit Area") shall include those properties shown on the attached Exhibit B. Within the Benefit Area, it is assumed that 1014.6 equivalent dwelling units, including the 406.1 equivalent dwelling units on the Property, will benefit from the Improvements. 5. Amount of Reimbursement. City shall collect from the property owners within the Benefit Area the reimbursement based on the final cost of the Improvements as shown on Exhibit A. Page 1