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<br /> ORI,·¡r! tu <br /> l,¡ , n ," ' ",. <br /> , .~¡j '''~ <br /> REIMBURSEMENT AGREEMENT - SHANNON PARK <br /> (LEGACY PROPERTIES) <br /> ~~ Jv~ <br />, T~ AGREEMENT, made and entered into this:2 day of -Novcmbcr, <br />199~, by and between the City of Redwood City, a municipal corporation of the <br />State of California ("City"), and Legacy Properties ("Legacy"); <br /> WIT N E SSE T H: <br />WHEREAS, Legacy is the owner of Subdivision known as "Ventana Del <br />Mar No.1," recorded in Volume 125, pages 8 through 22, inclusive, of Records <br />of San Mateo County, State of California, hereinafter referred to as "Subdivision"; <br />and <br />WHEREAS, the conditions of approvat- of the Tentative Map (the <br />"Conditions") required that HP Homes, Legacy's predecessor in interest, <br />reimburse City for one-half of the construction cost of a park ("Shannon Park") <br />located adjacent to the Subdivision; <br />NOW, THEREFORE, the parties agree as follows: <br />1. Reimbursement. Legacy agrees to reimburse City (the Æ <br />"Reimbursemenl") for half of the cost of construction of Shannon Park, not to f; ~ <br />exceed One Hundred Twenty-Five Thousand and no/100 Dollars ($125,000.00). K.....-- ~ <br />The Reimbursement shall be made upon completion of Shannon Park by Cit~O'Í Deœ~be{gi, J9'it. <br /> whÁ ,\If.I( CO~D -~;--. <br />2. Cost. Cost shall mean the sum of money paid by City to a prime <br />contractor for the construction of Shannon Park, under the terms of a contract to <br />be entered into by City pursuant to public bidding, including change orders, <br />extras, and amendments thereto. As of the date of this Agreement, the <br /> -...,... TH <br />