CC Resolution No. 7658
RESOWl'Iœ NO. 7658
A RESOWl'Iœ OF '!HE CITY OXJNCIL OF '!HE CITY OF aJPERI'mO
AtJIHJRIZING EXECUl'ION OF 'IRAFFIC SIGNAL REIMlDRSEMENI' AGREEMENT
BElWEEN '!HE CITY OF aJPERI'INO AND JOSmi P. FRANCD, Er. AL.,
IDIESTEAD ROAD AND FRANCD CXXJRI'
WHEREAS, Joseph P. an:i Florence E. Franco, an:i Alfred E. an:i Madelyn
Benzo, hereinafter referred to as "Developer", are required, as a
con:tition of approval of their project, to make financial contribution for
the installation of a traffic signal at the intersection of Hanestead Road
an:i Franco Court; an:i
WHEREAS, in order to expedite its project, Developer agrees to
construct an:i pay for the traffic signal at this tline with the stipulation
that Developer shall be reimbursed by adjacent property owners as more
specifically irxiicated in the re:i1nbursement agreement presented to the
City Council.
NCM, '!HEREFUlœ;, BE IT RESOLVED that the City Council of the City of
QJpertino hereby approves the aforementioned agreement an:i authorizes the
Mayor an:i city Clerk to execute the agreement in behalf of the city.
PASSED AND AOOPl'ED at a
City of QJpertino this 7th
following vote:
regular meetirç of the city Council of the
day of November , 1988, by the
vote
Members of the City Council
AYES:
Johnson, Koppel. Plungy, Rogers. Gatto
NOES:
None
ABSENT:
None
ABSTAIN:
None
A'l'l'EST :
APPROVED:
/s/ Dorothy Cornelius
City Clerk
/s/ John M. Gatto
Mayor, city of Olpertino
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TRAFFIC SIGNAL REIMBURSEMENT AGREEMENT
This AGREEMENT made and entered into this
by and between the CITY OF CUPERTINO, a municipal corporation of the State
of California, hereinafter designated as CITY, and JOSEPH P. FRANCO AND
FLORENCE E. FRANCO. ALFRED E. BEN7.0 AN ) MA )F.T.VN BFN7()
h.rein~fter designated as Developer.
WITNESSETH
~~EREAS, the Developer is seeuring a building permit from CITY to
construet and maintain a commercial building hereinafter referred to as
Project and,
WHEREAS, conditions of approval for Project requires a financial
contribution to the traffic signal at Homestead Road and Franco Court.
The total share for Developer will be 55% of the traffic signal cost
as outlined in Exhibit A.
WHEREAS, in order to expedite Project, Developer has agreed to
construct and pay for the traffic signal at this time.
WHEREAS, Developer shall be reimbursed by properties as shown on
Exhibit B for 45% of the traffic signal costs when those properties
develop.
SUCCESSORS
This AGREEMENT shall bind the heirs, administrators, executors,
successors, assigns and transferees of Developer. The assignment of
this AGREEMENT shall not be made without approval by the City Council
of the CITY.
TRAFFIC SIGNAL
FRANCO COURT & HOMESTEAD ROAD
TRIPS E'STIIJ1I1TE:P
¡:OMM( 25%) . % OF SHARE OF
,
SQ. FT. MINI(lOO%) TOTAL SIGNAL
DEVE',OPMENT OR UNITS TRIP RATE RES (lOO%) TRIPS COST
-.----
FRANCO:
r.w. Market 37.538 SF 88.7 832
S&H Green Stamp lO,l20 SF' / 224
REI 20,000 SF lOOO SF 443 36.7% $33,030.00
Future 33,728 SF 748 l8.3% $16,470.00
VlDOVI':H:
Condo 96 Units 7/D.U. 672
Mini Storage 69,550 SF 2.8/l000 SF 195 21. 2% $19,080.00
FORGE:
Condo 139 Units 7/D.U. 971 23.8% $21,420.00
TOTAL 4,085 lOO % $90,000.00
EXHIBIT A
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STATE OF CALIFORNIA ss.
COUNTY OF SANTA CLARA
On this 26th day of October , 1988, before me,
Noreene J. Golden , a Notary Public State of California,
duly commissioned and sworn, personally appeared
JOSEPH P. FRANCO, FLORENCE E. FRANCO, ALFRED E. BENZO and MADELYN
BENZO
personally known to me (or proved to me on the basis
satisfactory evidence) to be the persons whose names
subscribed to the within instrument and acknowledged
they executed same.
of
are
to me
that
IN WITNESS WHEREOF, I have hereunto set my hand
Official Seal in the County of Santa Clara, the
this Certificate first abov~w¥·tten.
7J
Nota PUblic,
and
day
,
affixed my
and year in
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