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i . . _ <br /> Agreement <br /> For good and valuable consideration, the receipt and sufficiency of which is hereby <br /> aclrnowledged,the City and Develaper hereby agree as follows: <br /> Section 1. Purpose of this Implementation Agreement <br /> The purpose of this Implementation Agreement is to effectuate and implement the DDA <br /> by making certain modific�tions n�ssary to reflect the understanding and agreement of�e <br /> Parties relating to the construction and installation of the public improvements to be constructed <br /> with the Public Benefit Contribution, in light of cutrent facts, conditions and circumstances and <br /> the further planning and decisions of the Parties following execution of the DDA. <br /> Sectian 2. Developer's Public Benefit Contribution <br /> The Pazties ackaowledge and agree that,pursuant to the DDA, as a condition to close of <br /> escrow for conveyance of the City Property to the Developer,the Developer deposited the Public <br /> Benefit Contribution in the amount of$1,000,000 into escrow, which amount was then paid to <br /> the City upon close of escrow. <br /> Section 3. Public BeaeSt Improvements <br /> The Developer shall perform and construct, or cause to be performed and constructed the <br /> improvement of the City owned property adjacent to the Site commonly kaown as the North <br /> Plaza ("the North Plaza.Properly'� in accordance with plans submiued to and a�proved by the <br /> City on June 22, 2015, as revised to remove certain improvements to the westem portion of the <br /> North Plaza Property as approved by�e City�d reflected in the plan attached hereto as Exhibit <br /> A (the "Public Benefit Improvements'�. The budget for the Public Benefit Improvements is as <br /> follows: <br /> a. North Plaza Praperty improvements($863,171) <br /> b. North Plaza design/construction documents($35,000) <br /> c. Geotechnical,structural, and civil engineering services($25,000) <br /> d. City Permit and Inspections (cost to be determined in accordance with City fee <br /> schedule) <br /> e. Contingency($45,000) <br /> Total Cost: $968,171,plus City permit and inspections costs <br /> The Developer sha11 comply with the Prevailing Wage provisions contained in Section <br /> 4.11 of the DDA with respect to any costs associated with the construction or installation of the <br /> Public Benefit Improvements. The Developer shall also be required to pay City permit and <br /> inspection fee.s applicable to the North Plaza Property and to provide a Payment and <br /> REV:06-11-15 VR Page 2 of 8 <br /> ATTY/AGR.2015.118/RWC PARTNERS IMPLEMENTATION AGR TO BLOCK 2 DDA PUBLIC BENEFIT <br /> IMPROVEMENTS <br />