RecDoc 2010-115130 (2) - Laserfiche WebLink

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2. Bair Island Road Improvements; Reimbursement Methodology for Excess Costs. Developer will be responsible for the initial funding, and /or construction, and installation, as to be determined by the City, of the Improvements listed in this Section 2 (the "Bair Island Road Improvements ") as described on the "Bair Island Road Improvement Plans" prepared by KPFF Consulting Engineers, dated September 29, 2009, and approved by the City on October 19, 2009 (the "Roadway Plans ") and as described on the Bair Island Road Landscape Improvements Plans prepared by Guzzardo Partnership, Inc., dated March 15, 2010 and approved by City on March 29, 2010 (the "Landscape Plans ") as said Roadway Plans and Landscape Plans may be revised, supplemented or altered by mutual written agreement of the City and Developer. The Roadway Plans and the Landscape Plans are collectively referred to herein as the "Plans ". The Plans are on file with the City. As of the date of this Amended Plan, the Developer's all inclusive estimate of the cost of the Bair Island Road Improvements to be installed in the area from Station 0 +00 to Station 23 +80 as designated on the Plans is $4,011,902 ( " Estimated Cost "). Developer's responsibility for the Bair Island Road Improvements is subject to all of the following: (a) Developer shall not be responsible for funding or construction of potable water, re- use water, sanitary sewer, joint trench, roadway, landscape, utility or any other utility or improvement of any kind shown on the Plans beyond Developer's north property line shown as approximately Station 23 +80 on the Plans. (b) Developer (or a CFD, if applicable) shall be entitled to receive reimbursement for Excess Costs (defined below) from fees that City shall collect from the Benefitted Properties (defined below), provided that such reimbursement from the Benefitted Properties shall not exceed sixty -two and 10/100 percent (62.1 %) of the actual cost to construct the Bair Island Road Improvements (the "Excess Costs "), subject to a maximum reimbursement in the amount of $2,491,391 ( " Excess Cost Cap "). The "Benefitted Properties" are properties that have direct access to Bair Island Road and the Bair Island Road Improvements and are the properties known as " Pete's Harbor" (San Mateo County Assessor's Parcel No. 052 - 540 -010, 052 - 540 -040, and 052 -540 -050) and the "Bair Island Infill Property" (comprised of the "Mini Storage" (San Mateo County Assessor's Parcel No. 052 - 520 -360) and the "Bayport Marina Plaza" (San Mateo County Assessor's Parcel Nos. 052 - 520 -260, -270, and - 280)). At the time building permits are issued for construction on the Benefitted Properties, City agrees to collect fees in the amount of $3,489 per Residential Equivalent (as defined in Section 5 below) from the owners of the Benefitted Properties and agrees to remit the same as reimbursement to the Developer (or to a CFD, if applicable), subject to the limitations on such reimbursements set forth herein. The cost allocation formula set forth in this paragraph is based upon the following Residential Equivalent assumptions: One Marina: 436 37.9% Pete's Harbor: 412 35.8% Bair Island Infill: 302 26.3% S:ATTY /AG R/2010.111/EXH I BIT3 9/28/10 2