ORD 1732 - Laserfiche WebLink

Improvements Cosus ("Net Estimated Traffic Mitigation Improvements Costs") is $954,750, as shown on Ea~D~_E. (b) Deve!oper's Share of Net Estimated'Traffic Mitiqation Improvement CosTs. A list of the currently identified projects that will contribute ("Contributing Projects") to the Traffic Mitigation Improvements Costs is shown on Exhibit F. (Said list has been compiled by the City based upon development projects as to which development agreements, applications or other submittals to the City or similar evidence of expected development presently exists; said list of Contributing Projects shall be revised from time to time by the City as development expectations change.) Based upon the foregoing and subject to adjustment as hereinbelow provided, Developer's share of the Net Estimated Traffic Mitigation Improvements Costs (calculated as a percentage) shall be fifty and one-half percent (50.5%) · ("Developer's Percentage Share"). Developer's share of the Net Estimated Traffic Mitigation Improvements Costs (in terms of present dollars) is, accordingly, $482,149 ("Developer's Estimated Required Payment"). Developer's Percentage Share and Developer's Estimated Required Payment shall be adjusted as specifically provided in this Section 3.2. (c) Develoo~r's Payments. (i) Payment of Net Estimated Traffic Mitiqation Improvements COSts. Subject to Developer's responsibility for increased costs (pursuant to subparagraph (g) below) and the City's responsibility for reimbursement to Developer (pursuant to subparagraph (e) below), Developer (or its successor, including a major department store within the Shopping Center ["successor"]) shall pay to the City either the Net Estimated Traffic Mitigation Improvements Costs or, if the actual costs of particular Traffic Mitigation Improvements have been determined by bid, the'Net Actual Traffic Mitigation Improvements Costs, for the Traffic Mitigation improvements, when (1) Developer (or its successor) obtains a building permit for any porUion of the Project as identified on Exhibit F, and (2) the City Engineer reasonably determines that the LOS at any intersection identified on Exhibit D will be below LOS "D" following completion of the improvements covered by such building permit. If the circumstance referred to in clause (2) will not exist following the completion of such improvements (i.e., no Traffic Mitigation Improvements must be completed at the time of such development), then Developer (or its successor) shall pay to the City Developer's Estimated Required Payment (or allocable portion thereof, as referred to below) at such time as either (A) the City is obligated to pay'Reimbursement Fees to a Contributing Project as provided in subparagraph (e) below, or (B) the City -4-