ORD 1578 - Laserfiche WebLink

into account possible inaccuracies in the original cost estimates to complete the Traffic Mitigation Improvements. City shall complete the Traffic Mitigation Improvements from time to time as and when the same shall be required, as a consequence of additional development in the Stoneridge Shopping Center area, in order to avoid a deterioration of the level of traffic service (LOS) at any intersection identified on Exhibit D below LOS "D". Developer or its successors shall pay to City, in installments, Developer's share of the costs of the Traffic Mitigation Improvements; each such installment shall be calculated by multiplying the Developer Contribution by a fraction, the numerator of which is the Floor Area the subject of the relevant building permit and the denominator of which is 356,000. Each such installment payment shall be made at the later of (i) issuance of the subject building permit or (ii) incurrence by City of the costs to complete the relevant Traffic Mitigation Improvements. The maximum Developer Contribution shall not exceed the lesser of the aforementioned maximum amount or Developer's share of City's actual cost to complete the Traffic Mitigation Improvements. Notwithstanding the foregoing, Developer's contribution percentage, and the maximum Developer Contribution obligation referred to above, shall be reduced in proportion to the burden assumed by any additional development project(s) which the City in good faith determines should be a Contributing Project within the Stoneridge Shopping Center area in respect of a fair allocation of the costs of completing the Traffic Mitigation Improvements. Under no circumstances shall Developer be responsible for paying or advancing any portion of the costs of the Traffic Mitigation Improvements beyond the Developer Contribution, except as provided in Section 3.2(b). (b) Reference is made to that certain public document dated August 20, 1990 entitled "Reimbursement Agreement for Stoneridge Corporate Plaza II" by and between the City and Crocker Properties Inc. ("Crocker Agreement") whereby Crocker Properties Inc. ("Crocker") agrees to advance, subject to partial reimbursement and certain maximum limitations, the total costs of completing the Traffic Mitigation Improvements. If, despite City's best efforts, Crocker fails to advance the funds for Traffic Mitigation Improvements when, as a result of the Project, LOS at any intersection identified on Exhibit D which will fall below LOS "D" (such advance by Crocker to be in the amount of such costs in excess of Developer's share thereof and other funds, if any, received by the City from Contributing Projects), then Developer will advance the funds necessary to mitigate such intersections, subject to the following conditions: (i) Developer shall be reimbursed, from payments to be required by the City from Contributing Projects, on the same terms and conditions afforded to Crocker under the Crocker Agreement, including Paragraphs 7 and 8 thereof; and (ii) in no event shall Developer's aggregate obligation so to advance funds exceed a total amount (including Developer's Contribution) equal to the sum of (A) $752,820 plus an accrual factor thereon at the Wells Fargo Bank Prime Rate from time to time in effect, commencing -6-