ORD 1578 - Laserfiche WebLink

the effective date of the Enacting Ordinance, pursuant to Government Code Section 36937, as specified in Recital G above (the "Effective Date"). The City shall cause this Agreement to be recorded in the Official Records of the County of Alameda, State of California, as provided for in Government Code Section 65868.5. However, failure to execute or record this Agreement within the time period provided for in Section 65868.5 shall not affect its validity or enforceability among the Parties. 2.2 Term. The term of this Agreement and Developer's rights and obligations hereunder shall commence on the Effective Date and shall terminate on the fifteenth (15th) anniversary of the Effective Date. 3. General Development of the Pro~ect. 3.1 Pro~ect Vested. Developer shall have the vested right to develop the Project on the Property in accordance with the terms and conditions of this Agreement and such amendments thereto as shall from time to time be approved, pursuant to this Agreement. Except as otherwise specified herein, this Agreement and the Existing City Laws shall control the overall design, development and construction of the Project, and all improvements and appurtenances in connection therewith, including, without limitation, the permitted uses on the Property, the density and intensity of uses, the maximum height and the number of required parking spaces, all of which shall constitute vested elements of the Project. 3.2 Conditions. (a) Traffic MitiGation Improvements. In consideration of City's entering into this Agreement, Developer shall contribute to the costs of those public improvements (the "Traffic Mitigation Improvements") set out in~ attached hereto. City has identified ten development projects (collectively, the "Contributing Projects") in the Stoneridge Shopping Center area which will benefit from completion of the Traffic Mitigation Improvements. City has assigned each Contributing Project a percentage share of the responsibility for participating in the costs to complete the Traffic Mitigation Improvements. As of the date of this Agreement, Developer's contribution percentage is 37.6%. As of August 20, 1991, the net estimated costs to complete the Traffic Mitigation Improvements was $752,820. Based thereon, Developer or its successors shall contribute, to the cost of completing the Traffic Mitigation Improvements, up to the following amount (such maximum amount herein referred to as the "Developer Contribution"): (i) $283,060 plus an accrual factor thereon at the Wells Fargo Bank Prime Rate from time to time in effect, commencing August 20, 1991, to the date of payment, plus (ii) an additional $28,306, which sum represents 10% of the aforementioned Developer obligation to take -5-