HomeMy WebLinkAboutPacific Rim Land Associates LP; 1988-12-13; (5)ASSESSMENT DISTRICT REIMBURSEMENT AGREEMENT
THIS AGREEMENT is made and entered into this 1988, by and between the CITY OF State ‘of California (hereinafter referred to as
RIM LAND ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership (hereinafter referred to as “Property Owner”).
RECITALS __------
A. Property Owner owns certain real property that at this time is proposed to be included within the boundaries of a proposed special assessment district where the City would be conducting proceedings under the provisions of the “Municipal Improvement Act of 1913”, being Division 12 of the Streets and
Highways Code of the State of California, said special assessment district
hereinafter known and designated as
ASSESSMENT DISTRICT NO 88-l ALGA ROAD
(hereinafter referred to as the “Assessment District”).
B. Property Owner is in agreement to providing environmental, engineering, surveying and related services, and to advancing funds to allow the City to pay for all initial consulting and administration costs and expenses related to said proceedings, said services and monies being subject to reimbursement or credit upon a successful confirmation of assessments and
sale of bonds.
C. The parties hereto wish to enter into an Agreement to provide for the advancement of funds and reimbursement or credit for services and monies previously advanced.
AGREEMENT ---e-e---
SECTION 1. The Property Owner shall advance monies to the City upon demand to
pay all preliminary costs for consultants and staff administration necessary for the formation of the special Assessment District, and if said costs are not advanced, the consulting services will not proceed. The City agrees to keep records to clearly show the amount of monies advanced for preliminary consulting or administrative services. The Property Owner agrees to keep records to clearly show monies expended for environmental, engineering, surveying, and related services. Upon completion of the proceedings and a successful sale of bonds, Property Owner can have the following options:
a. All services and monies advanced shall be reimbursed in cash;
b. All services and monies advanced shall be applied as a credit upon its assessments.
C. A combination of the above.
SECTION 2. The costs and expenses advanced shall pay for the following services:
a. Appraisal (Roberts & Roberts)
b. Acquisition (William MacFarlane)
C. Right-of-Way Legal (Asaro & Keagy)
d. Bond Counsel (Brown & Diven)
e. Engineer of Work (NBS/Lowry)
f. City administrative time.
For the scope of the work and terms and conditions of the contracts for the above referenced consultant or consultants, reference is made
to the contracts on file in the Office of the City Clerk.
SECTION 3. The monies to be advanced shall be deposited and advanced to the City at the time of execution of this Agreement in the amount of $156,500. Said monies shall be used to pay for preliminary costs and
expenses for bond counsel, assessment engineering services and City
administrative time.
If additional monies are necessary, the City shall make demand upon
Property Owner and Property Owner shall immediately thereafter, within fifteen (15) working days, deposit said monies with the City to
cover the balance of the costs and expenses.
This Agreement is intended to cover only preliminary legal expenses,
assessment engineering services and City administrative time. If
additional categories of work not covered in Section 2 above are required and needed, a supplemental Assessment District Reimburse-
ment Agreement will be executed.
SECTION 4. If the proceedings are not successful and are abandoned prior to any
successful sale of bonds, there will be no obligation on the City to
reimburse Property Owner for any costs and expenses advanced, and
the City does agree to the following:
a. Reimbursement of any surplus monies the City has on deposit in excess of those needed for final payment of consulting services and/or administrative time; and,
b. All other funds previously paid shall not be subject to reim-
bursement.
SECTION 5. All plans, specifications, and other preliminary documentation as
prepared shall become the property of the City, regardless as to
whether the Assessment District is actually formed or confirmed.
SECTION 6. This Agreement does not in any way create an obligation or vesting that the City will decide to proceed with a special assessment district, and the City expressly reserves the right to abandon the proceedings at any time prior to the conclusion of the public hearing.
SECTION 7. This Agreement parties hereto.
shall be binding on the successors and assigns of the
IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year first hereinabove written.
PACIFIC RIM LAND ASSOCIATES CITY OF CARLSBAD
LIMITED PARTNERSHIP, a Delaware limited partnership PACIFIC RIM LAND ASSOCIATES
LIMITED PARTNERSHIP
BY: 5 a Delaware corporation,
Title: Vice President/General Manager
APPROVED AS TO FORM: ATTEST:
City Attorney City Clerk