ATTACHMENT 8
SECTION 1. INITIAL DEPOSIT.
(a) Prior to the commencement of any legal proceeding to annex to the District, the Developer shall deposit with the City for the benefit of the District the amount of Thirty Thousand dollars ($ 30,000) (the "Initial Deposit"). The City, by its execution hereof, acknowledges receipt of and accepts the Initial Deposit. (b) The Initial Deposit, together with any subsequent deposit required to be made by the Developer pursuant to the terms hereof (collectively, the "Deposits"), are to be used to pay for any costs incurred for any authorized purpose in connection with the annexation to the District, including, without limitation, the following:
(i) The reasonable fees and expenses of any consultants to the City employed in connection with the annexation to the District, including an engineer, special tax consultant, financial advisor, special counsel, and any other consultant deemed necessary or advisable by the City; and,
(ii) The reasonable costs of rate and method analysis, and feasibility studies and other reports deemed necessary or advisable by the City in connection with the annexation to the District; and,
(iii) The reasonable costs of publication of notices, preparation and mailing of ballots and other costs related to any hearing, election or other actions or proceedings undertaken in connection with the annexation to the District; and, (iv) Reasonable charges for City staff time incurred in connection with the annexation to the District, including a reasonable allocation of City overhead expense related thereto; and,
X:\Agreements\Planning\2025\Deposit and Reimbursement Agreement - Annexation 28.doc 4 escrow, the special tax levy may not be levied in time to appear on the initial property tax bill for such purchaser. Developer further covenants to send copies to the City of such executed Notices within thirty (30) days after execution by a prospective purchaser.
Developer expressly acknowledges that City and the District shall have no duty or obligation and shall incur no liability, jointly or severally, with respect to the foregoing covenant of Developer.
SECTION 7. MUTUAL ASSISTANCE AND COOPERATION. The City and Developer will assist one another mutually in the annexation to the District, the formulation of special taxes to be levied on the Property, and both parties will mutually assist one another in otherwise undertaking and furthering the goals and objectives set forth in this Agreement.
SECTION 8. NOTICES. All written notices to be given hereunder shall be given to the party entitled thereto at its address set forth below, or at such other addresses as such party may provide to the other parties in writing from time to time, namely:
Developer:
with a copy to:
City:
with a copy to:
Yosemite Village Holdings, LLC
P.O. Box 3820
Turlock, CA 95381
Attn: Raja Chandi
City of Merced
678 West 18th Street
Merced, CA 95340
Attention: City Attorney
X:\Agreements\Planning\2025\Deposit and Reimbursement Agreement - Annexation 28.doc 9