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.. .. .. _. .... `. .. ~- _. _ p _..-.. ~. <br />OCT 23 ~ 97 tad ~ a6PM C I?tip o~ !-wvwARD - ~.1 P _ 3 <br />- 1998, through January 15, 2Q01. <br />2. p~~,~. LAYWMA will choose one of the following alternative methods of <br />payment of traffic mitigation fees within sixty days at~tcr the award of a construction contract <br />for any part of the LAVWMA carport expansion project (with the exclusion of repair or <br />replacement o! sections of the txistine LAVWIVIA line) or January 3, 1999, whichever <br />occurs first. <br />Alternatfre 1; Subject to the provisions of paragraph ~.1, LAYWMA <br />_ a6reu to pay 57.4 million to HAYWARD on or before December 31, 2000 or within sixty <br />Jaya after chc award of a construction contact for any part of the LAVWMA export <br />expansion project, whichever occurs first. <br />Alternative 1: Subject to the provisions of paragraph d,l, LAVWMA <br />agrees to pay HAYV1-ARD an initial payment S1.5 million, with five additional annual <br />payments of S 1.7 million, as adju:red. 'The first payment shall be trade on or before <br />December 31. 2000, or withlrt sixty days after the award of any part of the construction <br />contt~ct for the LAVV4'MA carport expansion project, whichever occurs first. The remaining <br />payatenn shall be made on July l of each cucceedinE ywr. <br />3. ion Ad~ustmentL Payments shall be adjusted upward for inflation <br />beginnint October 1, 1997, based on the increase in the Consumer Price Index, all items, for <br />the San Francisco Bay Area, subject to a minimum increase of three percxnt (39C) and a <br />maximum increase of five percent (S 96~ in any given year. <br />Altetytitlve 1: Adjustments for lntlation shall be made to the lump sum <br />of S5.9 million. The $1.5 million balance shall not be escalated for inflation because the <br />quarterly interest payments are made in lieu of an inflation adjustment. <br />Ahernative 2: Adjustments for inQation shall be made to the lump sum <br />of SS.S million. The 5I .S million balance shall not be escalated for inflation because the <br />quarterly interest payments arc made in lieu of an infladon adjustment. <br />A representative :chedute of payments based on assumed rates of inflation and intestt:at <br />are shown on Tables I and 2 for Alternative I and 2, rapectively. <br />K.r..~,-i~r.i..~ -3- iomm <br />10/27/97 ICON 11:02 ITT/RX NO 51291 l~ 007 <br />