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<br />EDEN ROAD PUBLIC IMPROVEMENT AGREEMENT Page 4 of 11 <br />documents. The price to be paid by City to Applicant for the PUE shall be comprised <br />of the following: <br />i. One Million Dollars ($1,000,000.00) payment from City of San Leandro to <br />Applicant, to be paid within 30 days following completion of all the following <br />requirements: full execution of this agreement, development of the draft PUE, <br />plan sets to execute the Project are approved, and submittal of bonds for <br />performance of the Project with a surety rating of “A” or greater , or a letter of <br />credit accompanied by a bank letter of guarantee that guarantees access to the <br />credit line for the full estimated value of the project that is reviewed and <br />approved by the City’s Finance Director (whichever of the above requirements <br />occurs last). <br />ii. Conditioned on the completion of the Project, passing of all regulatory <br />inspections, and full execution of the PUE referenced in section (a), above, the <br />City shall pay an additional sum of $2,000,000 (two million dollars) to the <br />applicant within 30 days following completion of the above. At the same time <br />the $1,000,000 payment stated above is due, City shall segregate the additional <br />$2,000,000 into a discrete line-item identified for this specific project within the <br />City’s accounts. . <br />iii. It shall be further noted that the above-referenced payments totaling $3,000,000 <br />solely reflect the mutually-agreed upon value of the PUE. As a privately owned <br />road, Applicant shall be responsible for any and all costs associated with <br />construction of the Project, including compliance with any relevant legal <br />requirements associated with a privately constructed project on privately-owned <br />property. <br /> <br />b. Owner’s Contribution: Owner agrees to use a portion of its existing land for a vehicular <br />turnaround area, that shall be constructed in compliance with City of San Leandro and <br />Alameda County Fire Department requirements and standards. This turnaround shall <br />be demarcated on the Eden Road plans submitted to the City. <br /> <br />4. Construction: Applicant shall construct improvements within Eden Road from <br />Doolittle Drive to the western end of Parcel APN # 77A-746-10. City agrees to fully off-set the