(14)AR 021908 Watts Investments - Laserfiche WebLink

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STREET DEDICATION AND IMPROVEMENT AGREEMENT 1. PARTIES ANIS DATE, This Street D@di@ation and Improvement Agreement ("Agreement") is made this 4 day of October, 2007, by and between Watts Investments, LLC, an Arizona limited liability company ("Owner") and the Clty ofU-olton, a municipal organizationorganized underthe laws ofihe State of California ("City"). Awn@r and City are sometimes referred to as "Party" and collectively as "Partlefi", 2. RECITALS, 2,1 In @onn@ctlon with the future development of the property located adjacent to the intersection of Main Street and Iowa Street in the City of Colton, San Bernardino County, California (the "Property"), the City approved Street Improvement Flan No. 1217-1 ("Street Improvement Plan"). 12 Owner has acquired the Property and intends to develop it now or in the future. 2.3 The Street Improvement Plan requires the dedication of sufficient right of way to provide for 38 feet of half width along Main Street and 48 feet half width along Iowa Street to accommodate in@r@as@d traffl@ generated by the development of nearby properties ("Dedication"). 2.4 Owner has agr@ed to mare the Dedication as required by the Street Improvement Plan at no cost to the City. 2.S City has agreed to construct the improvements required by the Street Improvement Plan in ex@hang@ for the Dedl@atlon at no cost to Owner. NOW, THFRF-FORE, In consideration for the promises set forth herein, the receipt and adequacy of whioh is hereby nknowledged, the Parties hereto agree as follows': 3. `PERMS, 3.1 Dedication. Pursuant to the Street Improvement Plan, Owner agrees to dedicate 38 feet of half width along Main Street and 48 feet half width along Iowa Street to provide sufficient right-of-way to accommodate Increased tmflic as described in the legal description attached hereto as Exhibit "A". 3,2 Execution of Grant Deed. Owner agrees to complete the Dedication by executing a grantdeed transfbrring the Property described in Exhibit "A" to the City. 3.3 R@@ordatlon. Owner agrees to record the grant deed in the Recorder's Office of the County of San B@mardino,