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WHEREAS, among other requirements, the Improvement Agreement requires <br />that IAC construct certain off-site infrastructure improvements, including the <br />Improvements; and <br /> <br /> WHEREAS, for purposes of this Agreement, IAC and the Agency have <br />determined and agree that the estimated cost of the Improvements is the total cost as <br />shown on Exhibit "A" attached hereto, and that the entirety of the cost thereof should <br />not be borne by IAC; and <br /> <br /> WHEREAS, on May 22, 2000, IAC formally made its Election to Proceed <br />under the IAC DDA, funded the Acquisition Budget, and furnished the Agency security <br />in an amount which included the estimated cost of the Improvements; and <br /> <br /> WHEREAS, Agency intends to seek to recover from Shea, or subsequent <br />developers of the Shea Project Site if Shea does not proceed with the Project, the <br />amount of any reimbursement granted under this Agreement; and <br /> <br /> WHEREAS, the Agency has sufficient funds available within its budget to fund <br />the level of reimbursement authorized herein; and <br /> <br /> WHEREAS, IAC and the Agency desire to enter into an agreement providing <br />for Agency's reimbursement to IAC of an amount equal to the lesser of (i) the sum of <br />One Hundred Ninety Two Thousand Dollars ($192,000), or (ii) the actual costs for <br />construction the Improvements. <br /> <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> <br /> -3- <br /> Form dated: 6/19/00 <br />C:\TEMP\IAC Reimbursement '*.4 Clea copy.doc <br /> <br /> <br />