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Home My WebLink AboutC18170 - Sunrise Desert Partners #' Contract No. C18I70 R. REIMBURSEMENT AGREEMENT This Reimbursement Agreement is made this24th day of August 2000, between the City of Palm Desert, a Municipal Corporation ("City"), and Sunrise Desert Partners, a California Limited Partnership ("Developer"}. RECITALS A. WHEREAS, Developer is the owner of reaI property in the City of Indian Wells (the "Real Praperty") on which Developer proposes to build a master-planned residential golf course comrnunity witl� two golf courses and appxoxirnately 650 homes (the "Project"). The Real Property is described in Exhibit A attached hereto. B. WHEREAS, the northerly boundary of the Real Property abuts Hovley Lane East. The north half of Hovley Lane East is located in the City of Palm Desert and has been fully innproved (except for portions of a future median). The south haif of Hovley Lane East, which is not improved, is Iocated in the City of Ind'zan Wells. � C. WHEREAS, Developer will be required as a condition of approval of the Project to improve the south I�alf af Hovley Lane East. However, based on Developez-'s phasing plan, such improvements would not accur for several years. City has expressed an interest in accelerating the improvement of the south half of Hovley Lane East, and Developer is willing ta do so, on the terms and canditions herein set forth. D. WHEREAS, Developer has caused plans for the improvement of the south half of Hovley Lane East, aiong with those portions of the median located in the north half, to be prepared (the "Plans"). The Plans, which are described in Exhibit B attached hereto, have been approved by City and by the City of Indian Wells. E. WHEREAS, Developer has dedicated the portion of the Real Property included in the future right-of-way for Hovley Lane East to the City of Indian Wells and the City of Tndian Wells has accepted such dedication. . F. WHEREAS, based on the forgoing recitals, the parties desire to enter into this Reimbursement Agreement. NOW, THEREFORE, City and Developer hereby agree as follows: . 1. Developer shall construct and install the improvements to the south half of Hovley Lane East in accordance with the Plans ("South Half Improv�ments"). Developer shall also construct and install the portions of the median located in the north half of Hovley Lane East in accordance with the Plans ("North Half Impraveinents"). Developer shall enter i��to a contract with a qualified contractor to per.fonn the wori<, and such contract shall be subject to City's reasonable prior approval. The contractor shall post performance and labor and material bonds in favor of City and the City of Indian Wells in fonn and substance reasonably acceptable to City (and to the City of Indzan Wells.) Developer shali diligently pursue such constnletion and installation to completion. '' Contract No. C18170 2. (a) City shalt reimburse Developear for the actual cost of the preparation of the Plans and for the actual constntction costs of the Soufih Hatf Tmprovements. Such reimbursement shall be made to Developer as the work progresses, no more frequently than once each month, based on requests for payment made by Developer ta City. Each request for payment shall be accompanied by appropriate invoices from the contractor and evidence of payment thereof by Developer, together with appropriate mechanics lien releases. The total annount reimbursed to Developer in accordance with this Paragraph 2 (a) is referred to as the "Totat Costs." The date of the final payment by City to Developer hereunder is referred to as the"Final Payment Date." (b) The parties acknowledge that the ac#ual construction costs of the Narth Half Tmprovements will be reimbursed to Developer by City from (i} funds currently held by City on account of Cammunity Facilities District No. 9i-I (Indian Ridge), and {ii) funds previously deposited by the developers of other adjacent projects. (c) The parties acknowledge that certain related improvements will not be completed at this time,but will be completed in the future in accordance with the conditions of approval for the Project. Such future improvements include: (i) Fina1 pavement cap on the south half of Hovley Lane East; (ii) Median landscaping; (iii) SidewaIk along south side of Hovley Lane East; and (iv) Landscaping along south side of Hovley Lane East. 3. Developer shall reimburse City for an amount equal to the Total Costs, plus interest, as set forth in this paragraph. The Total Costs shall not bear interest for a period of two years after the Finai Payment Date. Thereafter, beginning two years after the Final Payment Date, the Total Costs shall accrue interest at the rate of six percent (6%) per annurn. Developer shali make such reimbursement ta City on the eariier of khe following dates: a. Five years after the Final Payment Date; or b. The date af completion (evidenced by a Certificate of Occupancy issued by the City of Indian Wells) of the 500`h home in the Project. 4. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successars and assigns. In Ehe event legal action is necessary to enforce this Agreement, the prevailing party shall be entitled to recover reasonable aitorney's fees and costs, in addition to any other relief to which it may be entitl�d. Contract No. C18170 IN WITNESS WHEREOF,tl�e parties hereto have executed this Agreement as of the date first above written. CITY OF PALM DESERT, SUNRISE DESERT PARTNERS, a MuF�ici�a� on a California Limited Partnership, managing member By:SDP Gen Par, BY� a Delaware corporation, % Generai Partner - �,,'I=� , �, � �� r�� B / � 1�-�-, �. Sheila R. Gilli an �t Clerk y. �. g , Y Phillip K. Smi ,Jr.,President City of Palrn Desert, Californi .APPROVED AS TO CONTENT R�cha d J. Fol e , P.E. Assistant City Manager/ Public Works Directar APPRQVED AS TO FORM Da �d J. in, City Attorney CALiFr?RNIA AL.L-PURPOSE ACKNOWLEDGMENT ', . �CScv^-^c,t""t'^q'.C`...,,,;t';C..i'Y`,��!;c;^,.^C�S^{`.�'1S .M,^,!�-.K�;«::,C.,.�'��;�,!'•C l'i'�,-F-.t^.;r :n -.!?�-� r n-� ,�:�n .� .,c't�.c_,f"t',f"`�.�,' .C' .C' .f'.:.f'<',C L'd'.. ; ,��CS�,�`(`i;",�:y\,i�'.^�',,.,;,}.'y� �� State of Califomia �' � n ss. �� County of _Ti 61 �'s e or� ��' �, (;,, r.� �,� �' � :S� I�� `�� On Fe b�r before me, ��¢.c y/ 1� Va�t��a. No�" �.�1�� ' �� t! �at Name and TiOe of ONiCar(e.g.,"Jane oe,Motary PuWi ') �i � p�rsonally appeared p�'I i �1 i3O `C . r � �17'� �/"7 "S,C' �> �;, Name(s)ot Signer(sj�—' � h� �� Q9 personally known to me �'' �� ❑ proved to me on the basis af satisfactory � evidence � � '" fito be the person(s} whose name(�} is/a�e � � subscribed to the within instrutnent and �> �� acknowledged to me that he/sfiel�ey executed � r CHFRYL DE VORE the same in his/l�l�sir authorized �r Commtssion#t24i�158 � capacity{+�), and that by his/t�e�ir � � Z Notary Put�l�c-Colifomia � signature(sj on the instrument the person(s�, or < Z Rtverside Counry the entit upon behalf of which the person(�s) ` Nh'�T'�"•�'��'� acted, exec d the inst nt. � ; r � ESS y ha n officia eal. `�\�� Place Notary Seat Abovc 'gna e of Notary Public f'I . �j� ;� !'i fi`� 4PTIONAL �' ; Though the information beJow is not required by law,rt may prove valuable to persons relying on the document � and could prevent iraudulenf remova!and reattachment of this form to another document. �� nescription of Atfached D cument �> �5 Title or Type of Document: � � �r, yn Q � �� Document Date: /-��.�.5� o?�/ ' ��r�c7 o Number of Pages:_ ,� �; <i � Signer(s)Other Than Named Above: � �' �� Capacity(iesj Claimed by Signer ' <�a Signer's Name: t�f't i Ili,o �. �M,�� '� - :•- �; �+ ❑ Individual • ' ��; �?� p ( } �r�S;��g� � Top of thumb here �j• fi, � Cor orate Officer—Title s : �� C7 Pa�fner—❑Limited O Generaf � '� O Attomey in Fact � �{ �j U Trustee ? �^� ❑ Guardian or Conservator �, a ' � ❑ Other. �;' } `Fa � f� <:;. �a Signer Is Representing: 5�,,�Y3S��,��Q.s� {-� f�r'�n Q,r-5 "� ;�; ��> �; � , z�- .c.; ,. -�-;r�- �--�,�,.. C..�v .o�`"-_<,'�>4'�c.�c;-�L'-u .;��`��`��`.�,��ti��;i;�o�i��"..��.�=�:�;t,�t:�iy^.?`��L:�:.'�"ir��;��£:�>��.�,�-�.' �1997 National Notary Association•9350 De Soto Avq.,A.O.Box 2402•Chats�voRh,CA 91313-2402 Prod.No.5907 Reorder Call TOA-Free t-800-87fi-6827 Contract No. C18170 EXHIBtT "A" REAL PR4PERTY THE WEST HALF OF SECTI�N 14 AND THE EAST HALF OF SECTION 15, T�WNSHfP 5 SOUTH, RANGE 6 EAST, SAN BERNARDtNO MERIDIAN, C�UNTY �F RlVERSIDE, STATE OF CALIFORNlA. Contract No, C1$17p EXHlBIT "B" HOVLEY LANE lMPROVEMENT PLANS STREET IMPROVEMENT PLANS (SHEETS 1 THROUGH 10) PREPARED BY RICK ENGINEERING COMPANY AND LABELLED: HOVLEY LANE EAST STREET IMPRUVEMENT PLAN CITY OF lNDIAN WELLS AND CITY pF PALM DESERT STREET SIGNING AND STRIPtNG PLANS {SHEETS 1 THROUGH 9) PREPARED BY RICK ENGINEERfNG COMPANYAND LABELLED: HOVLEY LANE EAST SlGNING AND STRIPING PLAN CiTY OF lNDIAN WELLS AND ClTY 4F PALM DESERT