ORD 1732 - Laserfiche WebLink

Contributing Project's share is based upon its estimated peak hou~ trips as a percentage of the total peak hour trips contributed by all such Contributing Projects. Over time, the number of Contributing Projects is expected to change as properties develop, redevelop or as existing uses expand, intensify or consolidate. As that occurs, the City shall revise the list of Contributing Projects and the relative percentages among the Projects so that each Project zha~ has not already paid its entire share shall then be responsible to pay its share of the Traffic Mitigation Improvements Costs based on its estimated peak hour trips as a percentage of the total peak hour trips contributed by all identified Contributing Projects. Each Contributing Project's contribution shall be based on its percentage share of the Traffic Mitigation Improvements Costs. (To the extent any Contributing Project has paid its entire share of the Traffic Mitigation Improvements Costs when it obtained a building permit or permits, such Project shall not be responsible for any additional contribution should the Projecz's percentage thereafter increase; similarly~ should such Project's percentage decrease, such Contributing Project shall not be entitled to a refund.) Any portion of the Net Estimated/Actual Traffic Mitigation Improvements Costs not paid by the owners of the Contributing Projects by January 1, 1998 shall increase by an interest factor equal to the Prime Rate. The interest factor shall be applied from such date to the date of payment. The owner of each Contributing Project shall also be responsible for its percentage share (as stated in Exhibit F, as the same may be revised) of the Excess Traffic Mitigation Improvements Costs (as defined below). To the extent that any BART facilities are developed within the area shown on Exhibit G, the City shall likewise diligently pursue all available means to require that BART bear its fair share of Net Estimated/ Actual Traffic Mitigation Improvements Costs on the same basis as any other Contributing Project. (e) ReimbUrsement From Contributing Projects. If Developer has paid to the City any portion of the Net Estimated/Actual Traffic Mitigation Improvements Costs (or Excess Traffic Mitigation Improvements Costs) attributable to another Contributing Project (i.e., Developer has paid an amount in excess of Developer's Estimated Required Payment, or allocable share thereof, as earlier discussed, in the event that a portion only of Developer's Project has been developed), then Developer shall be entitled to reimbursement of the full amount of such excess, plus an interest accrual thereon at the Prime Rate from the date paid until reimbursed hereunder (the "Reimbursement Fee"). The City shall require payment by each Contributing Project, as a condition of the next approval requested by the Contributing Project, of such Project's percentage share of the Net Estimated/Actual Traffic Mitigation Improvements Costs on the same basis that Developer is obligated to make payments for same in accordance with subparagraph (c) above.