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- �� 3 . Total Costs of Protect. In consideration of the action <br /> of the City Council authorizing the construction of the <br /> Improvements, Petitioners hereby agree to be assessed their fair <br /> share of the cost of the Improvements, including reasonable <br /> engineering, legal and administrative costs incurred by the City, <br /> according to the number of units allocated to each Petitioner (as <br /> set out opposite their signatures hereto) . The City Engineer has!,� . <br /> estimated that the a - . nt fnr each unit will total $1,_$IQ-,00 , %. <br /> for P ase I Improvements and $3 ,240. 00 for Phase II Improvements. - - _ - <br /> The City -may, at its election, may determine to perform certain . > ^ <br /> 2 . <br /> Phase II Improvements as a part of Phase I and increase assessment <br /> for Phase I Improvements by up to $1, 000. 00 , provided that the <br /> Phase II Improvements are ratably reduced such that the total <br /> assessment for Phase I and Phase II Improvements, regardless of <br /> when constructed or assessed, does not exceed $A,_,�.YO,,QA.,.,;4",plus,, <br /> flircp taliz_ed.;interest, if any) . Nevertheless , Petitioners agree to <br /> be asAessed for un to 10% more than such amount_ The final <br /> � '°� hal"' �`-e ase' ' on'h final cost of the <br /> assessment roll shall be p <br /> Improvements and the units allocated to each assessed Petitioner. <br /> 4 . Snecial Assessment Installments; Interest. Each <br /> Petitioner ' s share of the cost of the Phase I Improvements shall , . <br /> be paid by the Petitioner to the City as a special assessment � <br /> levied against such Petitioner ' s benefitted parcel or parcels in ( l' � • <br /> five (5) equal annual installments of principal and capitalized /n• 7 - <br /> interest (if any) , and with interest on unpaid installments at an r' t , <br /> annual percentage rate to be established by the City at the time <br /> of the sale of the Improvements bond issue. Each Petitioner ' s ,'' 2 <br /> share of the cost of Phase II Improvements shall be levied against/ . <br /> such Petitioner ' s benefitted parcel or parcels, in seven (7) equa (/)— <br /> installments of orincipa an. capi a ize. interest (if anv) ( 1 2 - <br /> n <br /> beg ning in the fourth- ll <br /> year foowing the payment of the initial ��r <br /> annu -.I <br /> al ins a mens for Phase Improvements . 9— <br /> t,n_ G <br /> 5. Reimbursement of Assessments. The City will reimburse <br /> r <br /> any Petitioner who fails to be able to utilize the number of units : (! <br /> reserved herein, only if the City refuses to approve a development -h 5 / <br /> plan allowing use of the total number of units reserved herein, in <br /> an amount equal to the total assessment paid for each unit the ---,, <br /> Petitioner is unable to use, together with interest thereon. 1 ) <br /> Reimbursement by the City shall be paid in lump sum if accruing <br /> after all installments of special assessments have been paid. If <br /> final City action denying development utilizing the reserved number <br /> of units is taken prior to payment in full of a Petitioner' s <br /> installment obligations, then the City shall reimburse such <br /> Petitioner in lump sum for the portion of the assessment already <br /> paid (including interest paid thereon) with respect to unused <br /> units, and in equal yearly payments over the remaining term of the <br /> special assessment period for that portion of the remaining <br /> installments (and interest thereon) allocated to the unused units. <br /> Notwithstanding any right to reimbursement that has accrued or may <br /> C:\DOCS\TTN\PETITION.7/21/89 2 <br />