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(ii) 32% of Developer's Estimated Required
<br /> Payment is approximately $154 ,300 (0.32 x $482, 149) ;
<br /> and
<br /> (iii) the difference between $374,750 and
<br /> $154, 300 is $220,450, which constitutes the amount paid
<br /> in excess of such allocable share.
<br /> Assume that (1) the next Contributing Project is
<br /> required to fund an additional Traffic Mitigation
<br /> Improvement, the actual cost of which is $325,000, and (2)
<br /> such Contributing Project's total Estimated Required Payment
<br /> is $250, 000. A Reimbursement Fee would then be payable to
<br /> such Contributing Project in the amount of $75, 000 (namely,
<br /> the difference between $325,000 and $250,000) . Assume
<br /> further that an additional Contributing Project is
<br /> constructed at a time when no additional Traffic Mitigation
<br /> Improvement must be constructed, and that such Contributing
<br /> Project pays to the City, at issuance of the building permit
<br /> therefor, its Estimated Required Payment of $100, 000
<br /> (including the accrual factor, to the extent applicable,
<br /> referred to in subparagraph (c) (ii) above) . Said $100, 000
<br /> would be paid by the City, by way of partial pro rata
<br /> repayment of Reimbursement Fees, to Developer ($74,600) and
<br /> to the second Contributing Project in the example ($25,400) ,
<br /> which payments reflect a proportional allocation between
<br /> Developer (owed a Reimbursement Fee of $220, 450) and the
<br /> second Contributing Project (owed a Reimbursement Fee of
<br /> $75, 000) .
<br /> •
<br /> As provided in subparagraph (e) above, an accrual
<br /> factor (at the Prime Rate) shall be added to unpaid
<br /> Reimbursement Fees. By way of illustration utilizing the
<br /> foregoing example, assume that the $100, 000 is paid by the
<br /> City to Developer and the second Contributing Project two
<br /> years and one year, respectively, after each had advanced
<br /> funds to pay for the particular Traffic Mitigation
<br /> Improvement required at the time their respective building
<br /> permits were issued; assume further that the Prime Rate was
<br /> 84 per annum during the two-year period referred to, and
<br /> that such two-year period commenced after January 1, 1999.
<br /> The total Reimbursement Fee due Developer would be the sum
<br /> of $220,450 plus approximately $35,270 (namely, two years'
<br /> accrual at 8% on $220,450) , or a total of $255,720.
<br /> Similarly, the total Reimbursement Fee due the second
<br /> Contributing Project would be $75, 000 plus $6, 000 (one
<br /> year's accrual at 8% on $75,000) , or a total of $81, 000.
<br /> Using the foregoing figures, the $100, 000 would be allocated
<br /> $75,900 to Developer and $24, 100 to the second Contributing
<br /> Project, in proportion to the total Reimbursement Fees
<br /> (including the accrual) owed to each at the date of
<br /> reimbursement by the City.
<br /> (g) Developer's Responsibility For Increased Costs.
<br /> The current Estimated Traffic Mitigation Improvements Costs
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<br />f $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%;
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<br />h subparagraph (c) above.
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<br /> 28163403v 2/028227-001530
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