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HomeMy WebLinkAbout05-20-2021 Reimbursement Agreement with Tank Farm Center, LLCDocuSign Envelope ID: 894F059D-18A3-440D-BCB4-F70A1BC55268 Reimbursement Agreement between Tank Farm Center LLC and City of San Luis Obispo 5/20/2021 1 7:02 AM PDT THIS AGREEMENT is made and entered into this day of _, 2021 by and between the CITY OF SAN LUIS OBISPO, a chartered municipal corporation of the State of California, herein referred to as "City", and Tank Farm Center, LLC, a California Corporation, herein referred to as "Developer". WITNESSETH WHERAS, as conditions of the construction of Developer's commercial development project (SLO Public Market) at 3545 S. Higuera Street required the installation of a new traffic signal at the intersection of Tank Farm Road & Long Street (the "Public Improvements") (Architectural Review Committee Resolution No. ARC- 1013-16); and WHEREAS, these Public Improvements will benefit properties other than those owned by the Developer; and WHEREAS, Section 16,20.110 of the City of San Luis Obispo Municipal Code provides that whenever improvements are required to be installed adjacent to property other than that being developed or in greater size or capacity than that required for the development, the developer of the improvements may be eligible for reimbursement upon the satisfaction of certain conditions; and WHEREAS, the costs associated with installation of a traffic signal at the Tank Farm Road & Long Street intersection are captured within the current Citywide Transportation Impact Fee program; and WHEREAS, the Developer has paid all applicable Citywide Traffic Impact Fees and direct costs associated with design and construction of a traffic signal at Tank Farm Road & Long Street; and WHEREAS, the Developer has not received any Traffic Impact Fee credits from the City related to installation of a traffic signal at Tank Farm Road & Long Street; and WHEREAS, the City has approved the Developer's installation of these public improvements per plans approved by the City Engineer. NOW, THEREFORE, in consideration of the above, the City and Developer agree as follows: DocuSign Envelope ID: 894F059D-18A3-440D-BCB4-F70A1BC55268 1) The Developer has submitted a certified statement showing the actual cost of the traffic signal installation at the intersection of Tank Farm Road & Long Street to the satisfaction of the City Engineer. 2) Developer has substantiated their claim in the amount of $367,755.02 for costs related to installation of the traffic signal at Tank Farm Road & Long Street that exceed the Developer's fair share as confirmed by the City Engineer. 3) The City shall make payment of $376,755.02 to the Developer within 45 days of execution of this agreement by both parties, with reimbursement coming from the existing uncommitted Citywide Traffic Impact Fee fund balance. 4) Developer does hereby fully and forever release City and its officers, employees, agents or representatives, and all other persons and concerns, from all claims and causes of action, known or unknown, past or present, which have arisen or will arise as a result of the installation of public improvements in conjunction with City's approval of the SLO Public Market development project at 3845 S. Higuera Street (Architectural Review Committee Resolution No. ARC-1013-16). 5) Warranty and Repair. Developer hereby warrants the Public Improvements that it constructs as to materials and workmanship, and, should any failure of those Public Improvements occur within a period of one (1) year after final acceptance thereof by the City, the Developer shall promptly cause the needed repairs to be made without cost to the City. The City is hereby authorized to make such repairs if the Developer fails to make or undertake with due diligence the aforesaid repairs within twenty (20) days after the City has given written notice of such failure. In case of emergency where, in the sole opinion of the City Engineer, delay would cause serious hazard to the public, the necessary repairs may be made or lights, signs, and barricades erected, without prior notice to the Developer. In all cases of failure of Public Improvements within the warranty period where the City has taken in accordance with this paragraph, the Developer shall reimburse the City as appropriate for all costs, direct and indirect, incurred by the City. 6) Interpretation/Ambiguity. This Agreement was negotiated by the City and Developer, with the advice and assistance of their respective counsel, and shall not be construed in favor of or against either party, regardless of who may have drafted it or any of its terms. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in interpreting this Agreement. 7) Authority to Execute. Both City and Developer do covenant that each individual executing this agreement on behalf of each party is a person duly authorized and empowered to execute Agreements for such party. 2 DocuSign Envelope ID: 894F059D-18A3-440D-BCB4-F70A1BC55268 IN WITNESS WHEREOF, the parities hereto have executed this Agreement as of the day and year first above written. CITY OF SAN LUIS OBISPO a municipal corporation and charter city Heidi Harmon, Mayor ATTEST: Terresa Purrington, City Clerk APPROVED AS TO FORM: Christine Dietrick, City Attorney DEVELOPER Tank Farm Center, LLC By. j Title: u ell, Zr Titl