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03
City of Pleasanton
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CITY CLERK
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2017
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121917
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03
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
12/19/2017
DESTRUCT DATE
15Y
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The City shall collect such amounts in conjunction with each <br /> building permit requested by a Contributing Project. The <br /> City shall use its best efforts to prevent Contributing <br /> Projects from receiving any City approvals without the <br /> condition that they make such payments and shall not issue <br /> permits, licenses or consents for development of the <br /> Contributing Projects without such payments being made (or <br /> committed to, as applicable) . If, for any reason, the City <br /> grants an approval to a Contributing Project but voluntarily <br /> elects not to collect or impose such payment in respect of <br /> the Net Actual/Estimated Traffic Mitigation Improvements <br /> costs, then the City shall, for all purposes, jbe deemed to <br /> have collected the required payment from the Contributing <br /> Project and shall, accordingly, be obligated to advance from <br /> the City's general funds the full amount thereof for the <br /> purpose of paying such Traffic Mitigation Improvements Costs <br /> and/or making a payment of Reimbursement Fees to Developer <br /> hereunder, as applicable. To the extent that Reimbursement <br /> Fees are owed to Developer (or any other Contributing <br /> Project which may have advanced more than its applicable <br /> percentage share of Traffic Mitigation Improvements Costs) , <br /> then the City shall be obligated to pay such Reimbursement <br /> Fees owed, subject to the following: (i) payments collected <br /> from each Contributing Project shall first be applied in <br /> payment of Actual Traffic Mitigation Improvements Costs then <br /> payable in order to maintain LOS "D" at the required <br /> intersections as stated above; and (ii) any remaining funds <br /> collected shall be applied in payment of Reimbursement Fees, <br /> with such payments to be allocated among Developer and other <br /> Contributing Projects owed Reimbursement Fees in proportion <br /> to the amount of such Reimbursement Fees owed to each such <br /> person. Notwithstanding any termination of this Agreement, <br /> the City shall continue to pay to Developer Reimbursement <br /> Fees which may be owed to Developer from payments later <br /> collected by the City from other contributing Projects, <br /> until Developer's Reimbursement Fees have been fully repaid. <br /> (f) This subparagraph sets forth several examples of <br /> the manner in which Reimbursement Fees would accrue and, <br /> ultimately, be paid hereunder. The addition of the Sears <br /> department store shall trigger the need to widen Canyon Way <br /> in the form of the Traffic Mitigation Improvement listed as <br /> Item A-i on chibit D. Assuming that the Actual Traffic <br /> Mitigation Improvement Costs therefor are $500,000, then <br /> Developer (and/or Sears, as its successor) would be required <br /> to pay to the City $374,750 (i.e. , the Actual Traffic <br /> Mitigation Improvement Costs less the Existing Funding <br /> Sources totalling $125,250) . Said payment would generate a <br /> Reimbursement Fee to Developer in the amount of $220,450 <br /> calculated as follows: <br /> (i) 178,000 sq. ft. (Sears store) divided by <br /> 558,000 sq. ft. (total Project) yields an allocable <br /> share of the total Project of approximately 32%; <br /> -7- <br />
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