PC-92-80 - Laserfiche WebLink

proposed city-wide traffic mitigation impact fee proposed in the document entitled "1992 Traffic Fee study" prepared by the city of P1easanton staff, dated September 1, 1992; and c. If the City enacts a city-wide traffic mitigation impact fee and has collected funds in excess of the amount of the W. Las positas/I-680 interchange costs, the Developer shall have no further obligations under this additional mitigation section. However, if the city has collected only a percentage of the W.Las positas/I-680 interchange costs, the undeveloped land within the Property shall participate in the funding, subject to the subsections herein, the remaining costs when traffic levels above Service "D" occur which require W. Las positas/I-680 interchange to be constructed.. All funds collected from the city-wide traffic mitigation impact fee shall be assumed to have been credited to this interchange project, even if the funds are used for other traffic impact projects. For example, if the city has c~llected $10,000,000 in traffic impact fees and spent this amount on other traffic projects, the undeveloped land within the Property shall be excused from participation in funding this interchange project if the interchange project is less than $10,000,000. If the City has collected only $2,000,000 in traffic impact fees, the undeveloped land within the Property shall participate in the funding of the amount above $2,000,000, subject to reimbursement from a benefit district as stated in subsections d,e and f; and d. The Developer agrees not to protest the formation of the benefit district, but reserves the right to contest the spread of such costs as necessary to construct said interchange project if the costs are not apportioned on a pro-rata basis of the impact from the property; and e. The City agrees to include within the boundaries of the benefit district such undeveloped land that (i) will be sufficient to repay the Developer or then current owner of the Property assessed; and (ii) to include undeveloped lands sufficient to fund the amount of the money advanced and allowing a reasonable interest rate on Developer'S money advance. The appropriate interest rate shall be determined by the City and Developer when and if money is advanced; and f. For purposes of this subsection, undeveloped land shall mean such property that has not received a building permit or if a building permit has been issued, construction shall be completed within 18 months of its issuance or it will be subject to an assessment, as an undeveloped land parcel. - 6 - II . .1