AGENDA FULL PACKET - Laserfiche WebLink

804353~ The City shall collect such amounts in conjunction with each building permit requested by a Contributing Project. The City shall use its best efforts to prevent contributing projects from receiving any city approvals without the condition that they make such payments and shall not issue permits, licenses or consents for development of the contributing Projects without such payments being made (or committed to, as applicable). If, for any reason, the City grants an approval to a contributing Project but voluntarily elects not to collect or impose such payment in respect of the Net Actual/Estimated Traffic Mitigation Improvements costs, then the City shall, for all purposes, be deemed to have collected the required payment from the Contributing Project and shall, accordingly, be obligated to advance from the City's general funds the full amount thereof for the purpose of paying such Traffic Mitigation Improvements Costs and/or making a payment of Reimbursement Fees to Developer hereunder, as applicable. To the extent that Reimbursement Fees are owed to Developer (or any other Contributing Project which may have advanced more than its applicable percentage share of Traffic Mitigation Improvements Costs), then the City shall be obligated to pay such Reimbursement Fees owed, subject to the following: (i) payments collected from each contributing Project shall first be applied in payment of Actual Traffic Mitigation Improvements Costs then payable in order to maintain LOS liD" at the required intersections as stated above; and (ii) any remaining funds collected shall be applied in payment of Reimbursement Fees, with such payments to be allocated amonq Developer and other contributing Projects owed Reimbursement Fees in proportion to the amount of such Reimbursement Fees owed to each such person. Notwithstanding any termination of this Agreement, the City shall continue to pay to Developer Reimbursement Fees which may be owed to Developer from payments later collected by the City from other contributing Projects, until Developer's Reimbursement Fees have been fully repaid. f) This subparagraph sets forth several examples of the manner in which Reimbursement Fees would accrue and, ultimately, be paid hereunder. The addition of the Sears department store shall trigger the need to widen canyon Way in the form of the Traffic Mitigation Improvement listed as Item A-Ion Exhibit D. Assuming that the Actual Traffic Mitigation Improvement Costs therefor are $500,000, then Developer (and/or Sears, as its successor) would be required to pay to the City $374,750 (~, the Actual Traffic Mitigation Improvement Costs less the Existing Funding Sources totalling $l25,250). Said payment would generate a Reimbursement Fee to Developer in the amount of $220,450 calculated as follows: i) l78,OOO sq. ft. (Sears store) divided by 558,000 sq. ft. (total project) yields an allocable share of the total Project of approximately 32%; 7-