AGENDA FULL PACKET - Laserfiche WebLink

30 It 3 535 modification to Exhibits A and B to the Agreement) to include within the definition of the "Property" that portion of the Shopping Center being so developed. Such modification shall be by way of implementation of the terms and conditions of this Amendment and may be completed by city staff without further public hearings. 2. Section 2.2 is hereby amended and restated as follows: 2.2 ~. The term of this Agreement and Developer's rights and obligations hereunder shall terminate on December 31, 2012. 3. Traffic Mitiaation Imorovements. Sections 3.2(a) and 3.2(b) of the Agreement are hereby amended and restated to read as follows (with Sections 3.2(C) through (e) being redesignated as Sections 3.2(i) through (k), respectively): 3.2 Conditions. a) Traffic Mitiaation ImDrovements: Estimated Costs. In consideration of the City's entering into this Agreement, Developer agrees to contribute to the cost of those public improvements (the "Traffic Mitigation Improvements") set out in Exhibit D attached hereto. The City has identified these Traffic Mitigation Improvements as necessary to maintain adequate levels of service for traffic circulation in and around the Stoneridge Shopping Center area of North Pleasanton as development occurs on certain properties which currently are undeveloped or on other properties which are developed but may be redeveloped or the uses thereon expanded or intensified. The 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 services (LOS) at any intersection identified on Exhibit D below LOS "0". As shown on Exhibit D, the estimated costs of constructing the Traffic Mitigation Improvements ("Estimated Traffic Mitigation Improvements Costs"), based on present construction costs, is $l,080,000. certain funding sources ("Existing Funding Sources") exist, a list of which is set forth in Exhibit E attached. All funds from time to time held by the City from the Existing Funding Sources (or hereafter from a contributing Project, as defined below) are to be applied to the Traffic Mitigation Improvements Costs next incurred by the city. The City, and not Developer, shall be responsible for collecting from the Existing Funding Sources (and hereafter from Contributing Projects, as aforesaid) all funds referred to in this Section 3.2. After deducting the Existing Funding Sources from the Estimated Traffic Mitigation Improvements Costs, the remaining Traffic Mitigation 3-