PUBLIC IMPROVEMENT AGREEMENT
THIS PUBLIC IMPROVEMENT AGREEMENT (this "Agreement") is entered into this day of , by and between the CITY OF RIAL TO, a municipal corporation, organized and existing in the County of San Bernardino, under and by virtue of the laws of the State of California, ("CITY"), and Dhanlaxmibaa LLC, a CA Limited Liability Company (Developer").
RECITALS
A. Developer has presented to City for approval PPD 2018-0036 (the "Entitlements") in connection with a development of a Beyond Food Mart/76 Gas Station (the "Project"), located in the City of Rialto, County of San Bernardino, State of California (the "Property"), as described on Exhibit "A", attached hereto and incorporated herein by reference.
8. The Entitlements have been approved, subject to the requirements and conditions for the development of the Property (the "Conditions") as described in Exhibit "B", attached hereto and incorporated herein by reference.
C. In consideration of the approval of the Entitlements by the Planning Commission, Developer desires to enter into this Agreement, whereby Developer promises to install and complete, at Developer's own expense, all the public improvement work required by City in connection with the proposed Project. Developer has secured this Agreement by improvement security required by the City and approved by the City Engineer and the City Attorney.
D. Developer has delivered to City, and City has approved, plans and specifications and related documents for certain "Works of Improvement" (as hereinafter defined) which are required to be constructed and installed in order to accommodate the development of the Property.
E. Developer's agreement to construct and install the Works of Improvement pursuant to this Agreement is a material consideration to City in approving the Project and permitting development of the Property to proceed.
COVENANTS
Based upon the foregoing Recitals which are incorporated herein by reference and in consideration of City's approving the Map for the Property and permitting development of the Property to proceed, Developer agrees to timely perform all of its obligations as set forth herein.
1. Construction Obligations.
1.1 Works of Improvement. Developer agrees, at its sole cost and expense, to construct or install, or cause to be constructed or installed the street, drainage, domestic water, sanitary sewer, street lighting, landscaping, utility, and other improvements (the "Works of Improvement"), as the same may be supplemented and revised from time to time as set forth in this Agreement (said plans and specifications, together with all related documents, the "Plans"). The estimated construction cost for the Works of Improvement is $481,554