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(ii) 32% of Developer's Estimated Required
<br /> PaSanent is approximately $154,300 (0.32 x $482,149);
<br /> and
<br />
<br /> (iii) the difference between $374,750 and
<br /> $154,300 is $220,450 which constitutes the amount paid
<br /> in excess of such allocable share.
<br />
<br /> Assume than (1) the next Contributing Project is
<br />required to fund an additional Traffic Mitigation
<br />Improvement, the actual cost of which is $325,000, and (2)
<br />such Contributing Project's total Estimated Required Payment
<br />is $250,000. A Reimbursement Fee would then be payable to
<br />such Contributing Project in the amount of $75,000 (namely,
<br />the difference between $325,000 and $250,000). Assume
<br />further that an additional Contributing Project is
<br />constructed a~ a time when no additional Traffic Mitigation
<br />Improvement must be constructed, and that such Contributing
<br />Project pays to the City, at issuance of the building permit
<br />therefor, its Estimated Required Payment of $100,000
<br /> (including the accrual factor, to the extent applicable,
<br />referred to in subparagraph (c)(ii) above). Said $100,000
<br />would be paid by the City, by way of partial pro rata
<br />repayment of Reimbursement Fees, to Developer ($74,600) and
<br />to the second Contributing Project in the example ($25,400),
<br />which payments reflect a proportional allocation between
<br />Developer (owed a Reimbursement Fee of $220,450) and the
<br />second Contributing Project (owed a Reimbursement Fee of
<br />$75,000).
<br />
<br /> As provided in subparagraph (e) above, an accrual
<br />factor (at the Prime Rate) shall be added to unpaid
<br />Reimbursement Fees. By way of illustration utilizing the
<br />foregoing example, assume that the $100,000 is paid by the
<br />City to Developer and the second Contributing Project two
<br />years and one year, respectively, after each had advanced
<br />funds to pay for the particular T~affic Mitigation
<br />Improvement required at the time their respective building
<br />permits were issued; assume further that the Prime Rate was
<br />8% per annum during the two-year period referred to, and
<br />that such two-year period commenced after January 1, 1998.
<br />The total Reimbursement Fee due Developer would be the sum
<br />of $220,450 plus approximately $35,270 (namely, two years'
<br />accrual at 8% on $220,450), or a total of $255,722.
<br />Similarly, the total Reimbursement Fee due the second
<br />Contributing Project would be $75,000 plus $6,000 (one
<br />year's accrual at 8% on $75,000), or a total of $81,000.
<br />Using the foregoing figures, the $100,000 would be allocated
<br />$75,900 to Developer and $24,100 to the second Contributing
<br />Project, in proportion to the total Reimbursement Fees
<br />(including the accrual) owed to each at the date of
<br />reimbursement by the City.
<br />
<br /> (g) DeveloD~r's Responsibility For Increased CostS.
<br />The current Estimated Traffic Mitigation Improvements Costs
<br />
<br />
<br />
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