HomeMy WebLinkAbout070-88 BEFORE THE TOWN COUNCIL OF THE TOWN OF DANVILLE
In the Matter Of:
Approving the )
Cost Overrun Agreement ) RESOLUTION NO. 70-88
and Reimbursement Agreement )
for Tassajara Ranch )
)
A. On March 19, 1987, the Town approved the final
development plan (PUD 86-3) and vesting tentative subdivision map
(SP 6878) for Tassajara Ranch. (Resolution No. 9-87);
B. Effective May 6, 1987 the Town approved the Tassajara
Ranch Development Agreement;
C. On May 2 , 1988 The Town initiated the Tassajara
Ranch Improvement Assessment District for the acquisition and
construction of certain required public improvements.
(Resolution of Intention No. 51-88.); and
D. Attached to this resolution are two agreements which
will implement the above approvals and further the development
process.
NOW, THEREFORE, The Town Council of the Town of Danville
resolves that:
1. The "Agreement to Cover Cost Overruns (Tassajara
Ranch Improvement Assessment District)" a copy of
which is attached, is approved.
2. The "Reimbursement agreement (Dedication of Park
and Improvements by Tassajara Ranch)", a copy of which
is attached, is approved.
3. The Mayor is authorized to sign both of the
foregoing agreements. The city clerk is directed to
have the agreements executed by all parties and to
record the Reimbursement Agreement in the office of the
County Recorder, Contra Costa County.
70
Page 1 of Resolution No.
&
PASSED AND ADOPTED By the Town Council of the Town of
Danville at a regular meeting held on Jun~ 7 , 1988, by the
following vote:
AYES: Greenberg, Jagger, Lane, Ritchey, Schlendorf
NOES: None
ABSENT: None
ABSTAIN: None
Mayor
ATTEST:
Page 2 of Resolution No. 70
Draft %~;~e
s/31/88
AGREeliNT ~ COVF.~R COST OVF.~RUNS
(Tassajara Ranch Improvement
Assessment District)
This is an Agreement between the Town of Danville, a Municipal
Corporation ("Town"), and Tassajara Partners, a California
general partnership, The Presley Companies, a California
corporation, and Dura Style Homes, Inc., a California corporation
(collectively, the "Tassajara Ranch Developers").
RECITALS
This Agreement is predicated upon the following facts=
A. The Tassajara Ranch properties are a contiguous group
of ten parcels totaling approximately 257 acres and located in
the vicinity of Crow Canyon Road and Camino Tassajara Road in the
Town of Danville. The Tassajara Ranch properties are shown by a
map attached as Exhibit A and by a list of assessor's parcel
numbers, names and addresses of property owners attached as
Exhibit B.
B. Effective May 6, 1987 the Town of Danville approved the
Tassajara Ranch Development Agreement.~/ The Town has approved
the development proposed for Tassajara Ranch by its approval of
the final development plan (PUD 86-3) and vesting tentative
subdivision map (SP 6878), Resolution No. 9-87 approved on
March 19, 1987. The proposed development consists of residential
units and commercial development.
C. The conditions of approval for the Tassajara Ranch
development and the Tassajara Ranch Development Agreement require
that the Developers dedicate certain property and install certain
improvements for public use.
L/The Development Agreement is entitled "Development Agreement
~tween the Town of Danville and Tassajara Partners, Fredricks
Development Corporation, and Presley of Northern California, Inc.
for Development of Tassajara Ranch" and is recorded in the County
Recorder's Office at book 13663 page 576 . (Town Ordinance No.112.)
COST OVERRUN AGREEMENT
Page i of 8
D. Town has initiated the Tassajara Ranch Improvement
Assessment District for the acquisition and construction of
certain of the required public improvements (Resolution of
Intention No. 30-88 adopted March 31 , 1988). The scope of
work and estimated costs are set forth in the Amended Engineer's
Report, Tassajara Ranch Assessment District No. 88-1, dated
May 2, 1988.
E. Although the estimated costs include a contingency, the
Town and the Tassajara Ranch Developers understand that if there
are cost overruns, such overruns may not be paid by public funds.
(It would constitute an unlawful gift of public funds by
subsidizing the Developer's obligation.)
F. The Tassajara Ranch Developers agree to pay the cost
overruns which may arise in the course of completing the required
improvements under the Assessment District.
NOW, THEREFORE, The parties agree;
1. Definitions In this Agreement;
(a) "Amended Enaineer's Report" is the Amended Engineer's
Report for Tassajara Ranch Assessment District
No. 88-1, dated May 2, 1988;
(b) "Assessment District" means the Tassajara Ranch
Improvement Assessment District No. 88-1 created under
Resolution of Intention No. 30-88;
(c) "Construction Fund" means all monies on deposit with
the Town for construction of the Improvements including
bond proceeds, interest thereon, and any other monies
expressly designated for the Improvements.
(d) "Construction Overrun Fund" means the supplemental
fund, separate from the Construction Fund, into which
cost overrun monies shall be paid. Unused monies
remaining in the Construction Overrun Fund may be
refunded to the Developers in accordance with
section 2.
(e) "Improvements" means all work and acquisitions
described in the Amended Engineer's Report, excluding
items 8 (other than the Initial Park Improvements), 9,
10 and 11 in the Description of Work, as further
defined by the conditions of approval for subdivision
6878 and substantially in accordance with the
preliminary improvement plans prepared by Majors
Engineering and filed with the Town on March 31, 1988
and are entitled:
COST OVERRUN AGREEMENT
Page 2 of 8
1. Public Improvement Area - Grading Plan (1 sheet),
2. Traffic Signal Location Diagram (1 sheet),
3. Camino Tassajara Road (15 sheets),
4. Crow Canyon Road (10 sheets),
5. TassaJara Ranch Drive (12 sheets),
6. Tassajara View Drive (5 sheets).
All such improvements shall be in accordance with the
Town's civil engineering standards and public works'
standards as those are applied to the Town's Capital
Improvement Projects identified in the Town's budget
and built in the same year and applicable Central
Contra Costa Sanitary District (CCCSD) and Contra Costa
Flood Control District (CCFCD) for work that will
ultimately be under the jurisdiction of these two
agencies.
(f) "Initial Park I~provements" include those improvements
set forth on page 5 of the Engineer's Report (including
earthwork, stripping, subdrain, water and sewer
connection, restroom facility, hydroseed, culvert
footings, head and wing walls, rip-rap, headwall, CIPP
and landscaping/irrigation), and as set forth in
section 7b of the Development Agreement. The grading
portion of the work is shown by the preliminary
improvement plans prepared by Majors Engineering, filed
with the Town on March 31, 1988 and entitled "~ublic
Improvement Area - Grading Plan."
(g) "Reimbursement Agreement" is the "Reimbursement
Agreement (Dedication of Park and Improvements by
Tassajara Ranch)" of the same date and same parties as
this Agreement.
(h) "Tassa4ara Ranch Developers" means the owners of
property in Tassajara Ranch at the time of this
Agreement. They are listed in Exhibit B.
2. Payment of Cost Overruns.
If the actual cost of the Assessment District Improvements
exceeds the amount estimated in the Engineer's Report as the cost
to construct the Improvements including the 10% contingency (and
not the 20% contingency reflected in the Report), the Tassajara
COST OVERRUN AGREEMENT
Page 3 of 8
Ranch Developers agree to pay the cost overrun subject to the
terms of this section. wCost overrun" means the amount by which
the actual cost of completed improvements plus the estimated cost
of remaining work (including the 10%, and not 20%, contingency)
exceeds the amount available in (1) the Construction Fund plus
estimated interest and (2) the Construction Overrun Fund.
The cost overrun shall be determined by an accounting prepared by
the Town within 30 days after the final contract for the
Improvements is awarded or should have been awarded under section
4(d) of the Reimbursement Agreement. The Town may perform an
interim accounting at any earlier time. No contracts will be
awarded if the accounting reveals that a cost overrun will exist
until sufficient funds are deposited in the Construction Fund or
Construction Overrun Fund to cover such an overrun.
The Tassajara Ranch Developers shall pay the amount of the cost
overrun as follows: the owner of each assessed parcel of land at
the time of signing this Agreement is responsible for paying the
cost overrun in the same proportion as the assessment levied on
the parcel for the cost of all of the Improvements bears to the
total cost of all of the Improvements as shown on the Assessment
Spread Summary on page 28a of the Amended Engineer's Report.~/
The obligation of a Developer to pay its share of the cost
overrun is individual to that Developer and is not a joint
obligation with the other Developers.
2_/ As of June 1, 1988, these proportions are as follows:
Parcel Percentage
i 6.22%
2 15.47%
3 6.07%
4 9.43%
5 13.65%
6 9.92%
8 22.59%
9 6.55%
10 10.11%
The proportions may change in a revised Engineer's Report (with
consent of the parties) before the assessment district bonds are
sold. If this occurs, the proportions set forth here will change
tQ ~on£Qrm tQ ~.hat revised Report, without the necessley for
amendment to this agreement.
COST OVERRUN AGREEMENT
Page 4 of 8
A separate accounting will be kept of monies deposited by the
Developers to cover a cost overrun and such monies will be
deposited in the Construction Overrun Fund. Any unused funds in
the Construction Overrun Fund shall be refunded to the Developers
in the same proportions referenced above within 30 days after
completion and acceptance of all of the Improvements by the Town
and any other applicable agencies.
The Town may recover each Developer's share of the cost overrun
from that Developer by any one or more of the following, in the
following order of priority:
(a) from that Developer's share of reimbursement under
Section 6 of the Reimbursement Agreement (Dedication of
Park and Improvements by TassaJara Ranch) dated of even
date herewith between the Town and the Tassajara Ranch
Developers (the #Reimbursement Agreement");
(b) from the Developer, if the Developer pays within 30
days after written notice from the Town;
(c) from the following security if provided by the
Developer to secure such Developer's obligations under
this Agreement: a letter of credit or financial
guaranty bond in the amount of that Developer's share
of 10% of the cost of the Improvements estimated in the
Engineer's Report, which letter of credit or bond shall
be in a form approved by the Town. (If such security
is posted by a Developer before the Assessment District
bonds are sold, the Town will reduce the 20%
contingency in the bond issue by the amount of security
provided.); or
(d) by any other lawful means of enforcing this Agreement.
If upon the award of the final contract for the construction of
the Improvements the Town's accounting indicates that the
remaining funds available for the construction of the
Improvements in the Construction Fund exceed the sum of:
(i) all amounts then due and unpaid for construction
of the Improvements; plus
(ii) the estimated cost to complete the uncompleted
Improvements fixed under the awarded final
contracts, net of any payments previously made
under those contracts; plus
COST OVERRUN AGREEMENT
Page 5 of 8
(iii) 10% of (A) the contract costs for Improvements
under construction or completed but not yet
accepted by the Town (including funds disbursed,
change orders underway and the balance owing under
the contracts relating to such construction) plus
(B) the total bid amounts for final contracts just
awarded for completion of the Improvements;
then, with respect to each Developer, the Town shall reduce the
required amount of the above-referenced letter of credit or
financial guaranty bond that may have been provided by such
Developer to the extent of such Developer's pro rata share of the
excess (or shall release such letter of credit or financial
guaranty bond if such Developer's pro rata share of the excess is
greater than or equal to the amount of such letter of credit or
bond) and shall release any amounts owing to such Developer under
the Reimbursement Agreement to the extent of such Developer's pro
rata share of any remaining excess. Any amounts reduced or
released pursuant to the foregoing sentence with respect to each
Developer shall be reduced or released in accordance with such
Developer's share as set forth above.
3. Miscellaneous Provisions.
(a) This Agreement may be amended by the written consent of
the parties to it.
(b) Notices and payments under this Agreement shall be
delivered to Tassajara Ranch Developers at the following
addresses:
Tassajara Partners 100 Park Place, Suite 250
San Ramon, CA 94583
The Presley Companies
Presley of Northern California
1850 Mt. Diablo Boulevard, Suite 540
Walnut Creek, CA 94596
Dura Style Homes, Inc.
999 SaratoRa Avenue
San Jose, CA 95129
(C) Each Tassajara Ranch Developer who signs below
acknowledges that it is the owner of the property shown in
Exhibit B and that it has the authority to sign this Agreement.
COST OVERRUN AGREEMENT
Page 6 of 8
(d) If a party brings an action to enforce this Agreement,
the prevailing party in the action is entitled to reasonable
attorney's fees and court costs.
(e) A Tassajara Ranch Developer may assign its rights and
obligations under this Agreement by original assessment parcel (1
through 5, 6-8-9 combined, or 10 as indicated in Exhibit #B") to
any purchaser of such parcel by filing a written notice with the
Town. Such assignment shall not relieve the transferor Developer
from any liability or obligation hereunder and the Town shallnot
release any letter of credit or financial guarantee provided by
that Developer unless the Town gives its written consent to such
assignment. Town's consent shall not be unreasonably withheld or
delayed. The Town agrees that the sole basis for withholding
consent to a proposed assignment shall be the Town's reasonable
determination that the proposed assignee cannot provide a
reasonably equivalent substitute for any security provided under
section 2 of this Agreement. The Developer requesting assignment
shall pay the Town's reasonable actual administrative costs for
review and approval of the request.
(f) This Agreement takes effect on , 198,
and remains in effect until the Reimbursement Agreement has been
terminated under Section 8 thereof.
TASSAJARA RANCH
DEVELOPERS:
TASSAJARA PARTNERS
, , a
California general
TOWN OF DANVILLE partnersh~
or Tit ~TL~7~'67L-
THE PRESLEY COMPANIES, a
California corporation
-- C~ty Clerk Title
COST OVERRUN AGREEMENT
Page 7 of 8
(d) If a party brings an action to enforce this Agreement,
the prevailing party in the action is entitled to reasonable
attorney's fees and court costs.
. (e! A Tassajara Ranch Developer May assign its rights and
ob~iga=~ons under this Agreement by original assessment parcel (1
through 5, 6-8-9 combined, or 10 as indicated in Exhibit nB") to
any purchaser of such parcel by filing a written notice with the
Town. Such assignment shall not relieve thetransferor Developer
from any liability or obligation hereunder and the Town shall not
release any letter of credit or financial guarantee provided by
that Developer unless the Town gives its written consent to such
assignment. Town's consent shall not be unreasonably withheld or
delayed. The Town agrees that the sole basis for withholding
consent to a proposed assignment shall be the Town's reasonable
determination that the proposed assignee cannot provide a
reasonably equivalent substitute for any security provided under
section 2 of this Agreement. The Developer requesting assignment
shall pay the Town's reasonable actual administrative costs for
review and approval of the request.
(f) This Agreement takes effect on ~ ~ , 198~ ,
and remains in effect until the Reimbursement Agreement has been
terminated under Section 8 thereof.
TASSAJARA RANCH
DEVELOPERS:
TASSAJARA PARTNERS, a
California general
TOWN OF DANVILLE partnership
or Title
THE PRESLEY COMPANIES, a
California corporation
C~ty Clerk Title^r~_~'~_~-
COST OVERRUN AGREEMENT
Page 7 of 8
DURA STYLE HOMES, INC., a
California corporation
Title
(Approved by Council,
Resolution No. 70-88 )
Approved as to form:
C'ta~e/~
Exhibit A: Map of Tassajara Ranch
Exhibit B: Tassajara Ranch Properties - assessor's
parcel numbers, names and addresses of
property owners
COST OVERRUN AGREEMENT
Page 8 of 8
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Recording Requested by and Draft: ,;~;~8~
When Recorded Return to: ~;~e;~8~
City Clerk 5/31/88
Town of Danville
510 LaGonda Way
Danville, Ca 94526
REIMBURSEMENT AGREEMENT
(Dedication of Park and Improvements by
TassaJara Ranch)
This is an Agreement between the Town of Danville, a Municipal
Corporation ("Town"), and Tassajara Partners, a California
general partnership, The Presley Companies, a California
corporation, and Dura Style Homes, Inc., a California
corporation, (collectively, the "Tassajara Ranch Developers").
RECITALS
This Agreement is predicated upon the following facts:
A. The Tassajara Ranch Properties are a contiguous group
of ten parcels totaling approximately 257 acres located in the
vicinity of Crow Canyon Road and Camino Tassajara Road in the
Town of Danville. The Tassajara Ranch properties are shown by
the following: a map attached as Exhibit A~ a list of assessor's
parcel numbers, names and addresses of property owners attached
as Exhibit B~ and a description of each parcel attached as
Exhibits C-1 through C-10.
B. Effective May 6, 1987 the Town of Danville approved The
Tassajara Ranch Development Agreement (the "Development
Agreement").
C. The Town has approved the development proposed for
Tassajara Ranch by its approval of the final development plan
(PUD 86-3) and vesting tentative map (SP 6878), Resolution No. 9-
87 approved on March 19, 1987. The proposed development
consists of residential units and commercial development.
D. The conditions of approval for the Tassajara Ranch
deyelopment and the Tassajara Ranch Development Agreement require
that the DeveloDers dedicate certain DroDerty and install certain
improvements for publlc use. Among the conditions is a
requirement that the Developers convey to the Town and improve
a 22 acre park site in Tassajara Ranch. (Reference: Development
Agreement Section 7.b.)
REIMBURSEMENT AGREEMENT
Page I of 10
E. Upon petition by Tassajara Ranch Developers, Town has
initiated the Tassajara Ranch Improvement Assessment District for
the acquisition and construction of certain public improvements
(Resolution of Intention No. 30-88 adopted March 31
1988).
F. Among the improvements proposed to be financed through
the Assessment District is the improvement of a park site. The
park site has been dedicated to the Town as shown on the
Subdivision 6878 final map. The property to be developed by
Tassajara Ranch Developers which is shown on Exhibits A, B and C
will be assessed for the entire cost of the acquisition and
construction of the park site as part of the total assessment for
the Assessment District. The estimated construction cost of
development of the park site (including both Initial Park
Improvements and Ultimate Park Improvements, and excluding
Assessment District costs and incidentals) is $1,972,385.00.
(See Amended Engineer's Report, page 4, Tassajara Ranch
Assessment District No. 88-1, May 2, 1988.) (In accordance with
the Development Agreement, this conveyance and financing for the
development of the Initial Park Improvements is in lieu of the
park dedication fees which would otherwise be imposed against and
paid by the properties at the time building permits are issued.)
G. The acquisition and development of the park will
benefit properties in the vicinity (the "Benefited Properties")
in addition to the properties of Tassajara Ranch Developers.
These Benefited Properties are shown on the map attached as
Exhibit D. The Town has determined that of the total estimated
construction cost, $1,750,000 ($1,400,000.00 plus $350,000
interest equivalent) will be paid by these Benefited Properties
through the payment of park dedication fees.
H. As each Benefited Property is developed, it will be
subject to the Town's then applicable parkland dedication fee
under Municipal Code §§8-6201 et seq., which shall be in an
amount not less than $1,670 per single family unit and $1,050 per
multi-family unit. The Town shall make no other arrangements with
Benefited Properties which would result in a waiver of the
parkland dedication fee.
I. In consideration for the Tassajara Ranch Developers
advancing $1,400,000 of the cost of the Ultimate Park
Improvements, the Town is willing to agree to reimburse the
Tassajara Ranch Developers $1,750,000 ($1,400,000 plus $350,000
as interest equivalent) from the funds it receives in the form of
parkland dedication fees imposed upon the Benefited Properties.
NOW, THEREFORE, the parties agree as follows:
REIMBURSEMENT AGREEMENT
Page 2 of 10
Section 1. Recitals. The Recitals are incorporated in this
Agreement.
Section 2. nefin4t4ons. In this Agreement:
(1) "Assessment n~st~ct" leans the Tassajara Ranch
Improvement Assessment District No. 88-1 established
under Resolution of Intention No. 30-88 ;
(2) #~enefited Propert4es" means those properties outside
of Tassajara Ranch which will benefit by the Park.
They are identified on Exhibit D;
(3) "Cost Overrun Agreement" is the Agreement to Cover Cost
Overruns (Tassajara Ranch Improvement Assessment
District)# of the same date and same parties as this
Agreement, under the terms of which the Tassajara Ranch
Developers have agreed to pay certain cost overruns.
(4) "Development Agreement" is the "Development Agreement
between the Town of Danville and Tassajara Partners,
Fredericks Development Corporation, and Presley of
Northern California, Inc. for Development of Tassajara
Ranch" and is recorded in the County Recorder's Office
at book 13663 page $76 . (Town Ordinance No. 112.)
(5) "Engineer's Report" means the Amended Engineer's Report
for the Tassajara Ranch Assessment District No. 88-1,
dated May 2, 1988;
(6) "Tmprovements" means all work and acquisitions
described in the Engineer's Report, excluding items 8
(other than initial park improvements), 9, 10 and 11 in
the Description of Work, as further defined by the
conditions of approval for subdivision 6878 and
substantially in accordance with the preliminary
improvement plans prepared by Majors Engineering and
filed with the Town on March 31, 1988 and are entitled:
1. Public Improvement Area - Grading Plan (1 sheet)
2. Traffic Signal Location Diagram (1 sheet)
3. Camino Tassajara Road (15 sheets)
4. Crow Canyon Road (10 sheets)
5. TassaJaraRanch Drive (12 sheets)
6. Tassajara View Drive (5 sheets)
All such improvements shall be in accordance with the
Town's civil engineering standards and public works'
standards as those are applied to the Town's Capital
Improvement Projects and applicable Central Contra
Costa Sanitary District (CCCSD) and Central Contra
Costa Fire Control District (CCCFCD) for work that will
REIMBURSEMENT AGREEMENT
Page 3 of 10
ultimately be under the jurisdiction of these two
· agencies.
(7) "Initial Park Improvements" means those improvements
described on page 5 of the Engineer's Report (including
earthwork, stripping, subdrain, water and sewer
connection, restroom facility, hydroseed, culvert
footings, head and wing walls, rip-rap, headwall, CIPP
and landscaping/irrigation), and as set forth in
section 7b of the Development Agreement. The grading
portion of the work is shown on the preliminary
improvement plans prepared by Majors Engineering, filed
with the Town on March 31, 1988 and entitled "Public
Improvement Area - Grading Plan."
(8) "Park" or "park site" means the proposed 22 acre park
within Tassajara Ranch, including improvements;
(9) "Park Dedication Fees" are those fees collected by the
Town under its Park Dedication Ordinance, Municipal
Code §§8-6201 et seq.;
(10) "Park Reimbursement Fund" is the special fund described
in section 4(c) established to receive parkland
dedication fees from Benefited Properties plus all
interest earned on the $1,400,000 amount disbursed to
the Town from the Assessment District bond proceeds;
(11) "Tassajara Ranch" is the property described in
Recital A and in Exhibits A-C;
(12) "Tassaiara Ranch Developers" are the owners of property
in Tassajara Ranch at the time of this Agreement. They
are listed in Exhibit B;
(13) "Ultimate Park Improvements" means the development of
the Park other than the Initial Park Improvements, to
be constructed by the Town for an estimated
$1,400,000.00.
Section 3.~- Park dedication and improvements. Developer The
Presley Companies will dedicate the 22 acre parcel for the park
site at the time the final map for Subdivision 6878 is recorded.
In addition, Tassajara Ranch Developers agree that (a) the
construction of the Initial Park Improvements will be financed
under the Assessment District and (b) the Assessment District
shall pay from the bond proceeds $1,400,000.00 to the Town to be
used by the Town for the Ultimate Park Improvements.
Section 4. Reimbursement.
(a) ~mount of Reimbursement. The Town agrees that
REIMBURSEMENT AGREEMENT
Page 4 of 10
Tassajara Ranch Developers are entitled to be reimbursed in the
amount not to exceed $1,7S0,000. (This is $1,400,000.00 plus
$350,000 as interest equivalent for the advanced funding.) If
reimbursement monies are used for cost overruns under Section 6,
the amount of reimbursement shall be reduced accordingly.
(b) Collection from ~neftted Properties. Tow n s h a i 1
collect the then applicable parkland dedication fees from the
Benefited Properties in the amounts and manner set forth in
Municipal Code it8-6201 et Seq. The fee shall not be less than
the fee in effect at the time of executing this Aqreament ($1,670
per single family unit and $1,050 per multi-family unit). The
Town shall make no other arrangement with Benefited Properties
which would result in a waiver of the parkland dedication fee.
(c) The Park Reimbursement Fund. The parkland dedication
fees collected by the Town plus all interest earned on the
$1,400,000 advanced to the Town from the Assessment District bond
proceeds shall be deposited in a special fund known as the "Park
Reimbursement Fund". The Town may invest the funds in the same
manner as other funds of the Town and may pool the funds with
other Town funds. All interest earned on the Park Reimbursement
Fund shall be deposited into that Fund.
(d) Disbursement. On April I and October .1 of each year,
the Town shall disburse the money in the Park Reimbursement Fund
to the Tassajara Ranch Developers as follows: the funds shall be
disbursed to the owner of each assessed parcel of land at the
time of signing this Agreement in the same proportion as the
parcel assessment for the cost of the Ultimate Park Improvements
bears to the cost of the Ultimate Park Improvements as shown on
page 28a of the Amended Engineer's Report.A/
~/ As of June 1, 1988, these proportions are as follows:
Parcel Percentage
i 4.52%
2 8.71%
3 5.24%
4 9.22%
5 8.88%
6 13.07%
8 29.76%
9 8.63%
10 11.97%
The proportions may change in a revised Engineer's Report (with
consent of the parties) before the assessment district bonds are
sold. If this occurs, the proportions set forth here will change
to conform to that revised Report, without the necessity for
REIMBURSEMENT AGREEMENT
Page 5 of 10
The disbursements shall not begin until contracts have been
awarded (or, under the terms of t~is section should have been
awarded) for all work described in the Engineer's Report. (The
April I or October 1 date first occurring after the foregoing
condition precedent has been satisfied is referred to as the
Ninitial reimbursement date#.) The Town agrees to submit
contracts for bidding within 120 days after the City Engineer
approves the final plans for the Assessment District Improvements
unless delay is necessary for reasons beyond the Town's control.
The Town agrees not to unreasonably withhold the approval of or
delay the award of contracts for construction of the
Improvements. If unanticipated circumstances preclude awarding
all contracts (for example, an inability to perform landscaping
work due to water shortage), the Town shall if possible set aside
sufficient funds to close out the Assessment District
Construction Fund and proceed with disbursement to the Tassajara
Ranch Developers under this section. The aggregate disbursements
shall not exceed $1,750,000. The disbursements shall end when
the Agreement terminates under Section 8.
(e) Minimum Disbursement. As a part of the disbursement
set forth in subsection (d) above, the Town agrees to make
certain minimum reimbursement payments to the Tassajara Ranch
Developers up to $350,000 according to the following schedule:
Payment Date* Minimum Payment
October 1, 1988 $70,000
April 1, 1989 $70,000
October 1, 1989 $70,000
April 1, 1990 $70,000
October 1, 1990 $70,000
*This assumes that the initial reimbursement
date (subsection (d) above) is October 1,
1988. If the initial reimbursement date is a
later date, then the payment dates set forth
in this table shall be adjusted accordingly.
If monies for any of the foregoing payments are not available in
the Park Reimbursement Fund, the Town shall make the payments
from another source. If another source is used, the Town may
reimburse that source for the monies borrowed from the Park
Reimbursement Fund after the Developers have received
disbursements in the aggregate amount of $1,750,000.
amendment to this agreement.
REIMBURSEMENT AGREEMENT
Page 6 of 10
(f) ?.~m4tat4on. Except as provided in subsection (e)
above, the Town is not obligated to reimburse TassaJara Ranch
Developers except from the Park Reimbursement Fund and the right
of Tassajara Ranch Developers to reimbursement does not represent
a right to or a claim upon a~y other funds of the Town.
The Town is not liable to the Tassajara Ranch Developers for its
legal inability to collect a parkland dedication fee.
(g) R~ghts to Reimbursement Not Jo4nt. The rights of the
Tassajara Ranch Developers to the reimbursement payments as
provided above in this Section 4 are not joint, but rather each
Developer's right to its pro rata share of reimbursements is a
right separate from the rights of the other Developers hereunder,
and the Town's obligation to reimburse each Developer for its
share of costs, as provided above, is separate and distinct from
the Town's obligation to reimburse the other Developers. No
action or inaction by any Developer shall affect the rights of
any other Developer to be reimbursed its share of costs in
accordance with this Section 4.
Section 5. Assignment. A Tassajara Ranch Developer may assign
its right to reimbursement by original assessment parcel (1
through 5, 6-8-9 combined, or 10) by filing a written notice with
the Town. The notice is effective as to any disbursement
occurring at least 60 days after receipt of the notice. The
Developer requesting assignment shall pay the Town's reasonable
actual administrative costs for review and approval of the
request.
Except when a written assignment is made under this section, the
right to reimbursement remains with the Tassajara Ranch Developer
and does not pass to successor owners of the lands of the
Tassajara Ranch Developer.
Section 6. Right of Town to retain funds otherwise subject to
reimbursement if the Assessment Distr~ct
experiences a cost overrun.
The Town and the Tassajara Ranch Developers have entered into an
Agreement to Cover Cost Overruns (Tassajara Ranch Improvement
Assessment District) of even date herewith (the "Cost Overrun
Agreement"). Under its terms, the Tassajara Ranch Developers
have agreed to pay the amount by which the actual cost of
completed Improvements plus the estimated cost of remaining work
(including the 10%, and not 20%, contingency) exceeds the amount
available in (1) the Construction Fund plus interest and (2) the
Construction Overrun Fund. (See section 2 of the Cost Overrun
Agreement.)
REIMBURSEMENT AGREEMENT
Page 7 of 10
If a Tassajara Ranch Developer fails or refuses to pay its share
of ~he cost overrun, the Town may recover the amount from that
Developer's share of reimbursement under this Agreement in
accordance with the Cost Overrun Agreement. If reimbursement
monies are used for cost overrun, the amount of reimbursement due
under section 4(a) shall be reduced accordingly.
Section 7. Disclosure Notice to re,vets. When a Tassajara
Ranch Developer sells a parcel which is subject to assessment
under the Assessment District, the Developer shall disclose to
the buyer in writing that the Developer (not the buyer or any
successor) is entitled to reimbursement under this Agreement.
The Developer shall provide a Disclosure for the buyer' s
signature in substantially the form shown below.
DISCLOSURE
[Name of Developer]
[Name of Project and Lot
or Parcel Number]
In connection with the development of this project, Tassajara
Ranch Improvement Assessment District 1988-1 was formed for the
purposes of financing the cost of streets, utilities and other
public improvements including parks. Thereafter, a Reimbursement
Agreement was entered into between the Developers of the
Assessment District and the Town of Danville. Among other
things, the Reimbursement Agreement provides that as properties
develop which are benefited by park improvements the cost of
which was levied under Assessment District but which did not
participate in that District, the regular parkland dedication
fees of such properties would be used to reimburse the original
participants in the District. Neither you nor any successor
owners of your property will be entitled to participate in any of
those reimbursements. [Optional: Cost overruns in the District
will be the responsibility of the Developer.]
Dated:
Buyer
Dated:
Buyer
REIMBURSEMENT AGREEMENT
Page 8 of 10
Section 8. Termination. This Agreement and the Tassajara Ranch
Developers' right to reimbursement terminates at the earliest of
the following:
(a) when the Town has reimbursed the Tassajara Ranch
Developers the total of the amount due under Section 4(a); or
(b) 20 years from the date of this Agreement.
Section 9. Miscellaneous Prov4sions.
(a) This Agreement may be amended by the written consent of
the parties to it.
(b) Notices and payments under this Agreement shall be
delivered to Tassajara Ranch Developers or their successors under
Section 5 at the following address or at such other address as
may be filed in writing with the Town:
(c) Each Tassajara Ranch Developer who signs below
acknowledges that he is the owner of the property shown in
Exhibit B and that he has the authority to sign this Agreement.
(d) If a party brings an action to enforce this Agreement,
the prevailing party in the action is entitled to reasonable
attorney's fees and court costs.
(e) This Agreement takes effect on ~ ~ , 198~,
and remains in effect until terminated under Section 8.
TASSAJARA RANCH
TOWN OF DANVILLE DEVELOPERS
TASSAJARA PARTNERS, a
California general
partnership
or Title
Attest: ~ ~~
~_. ~ity Clerk THE PRESLEY COMPANIES, a
California corporation
REIMBURSEMENT AGREEMENT
Page 9 of 10
Section 8. Termination. This Agreement and the Tassajara Ranch
Developers' right to reimbursement terminates at the earliest of
the following:
(a) when the Town has reimbursed the TassaJara Ranch
Developers the total of the amount due under Section 4(a); or
(b) 20 years from the date of this Agreement.
Section 9. Miscellaneous Prov~sions.
(a) This Agreement may be amended by the written consent of
the parties to it.
(b) Notices and payments under this Agreement shall be
delivered to Tassajara Ranch Developers or their successors under
Section 5 at the following address or at such other address as
may be filed in writing with the Town:
(c) Each Tassajara Ranch Developer who signs below
acknowledges that he is the owner of the property shown in
Exhibit B and that he has the authority to sign this Agreement.
(d) If a party brings an action to enforce this Agreement,
the prevailing party in the action is entitled to reasonable
attorney's fees and court costs.
(e) This Agreement takes effect on , 198 ,
and remains in effect until terminated under Section 8,
TASSAJARA RANCH
TOWN OF DANVILLE DEVELOPERS
TASSAJARA PARTNERS, a
California general
partnership
~/ ~ity Clerk THE PRESLEY COMPANIES, a
California corporation
By
Title
REIMBURSEMENT AGREEMENT
Page 9 of 10
DURA STYLE HOMES, INC., a
California corporation
?itie
(Approved by Council,
Resolution No. 70-88 )
Approved as to form:
Exhibit A: Map of Tassajara Ranch
Exhibit B: Tassajara Ranch properties - assessor's parcel
numbers, names & addresses of
property owners
Exhibits C-1 to C-10: Description of each parcel within
Tassajara Ranch
Exhibit D: Map of Benefited Properties
REIMBURSEMENT AGREEMENT
Page 10 of 10
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TA$$A,.JARARANCH PARK REIMBURSEMENT
AGREEI"I£NT
EXTB.I:T D
,' , MAP OFBENEFITTED
' PROPERTIES
' Ig88
· ' ' , JUNE