RES 97147 - Laserfiche WebLink

project for which the building permit is issued) and the estimated peak hours trips of the project described in Exhibit D. City shall use its best efforts to prevent Contributing Projects from receiving any City approvals without the condition that they pay the Reimbursement Fees, and shall not issue permits, licenses or consents for development of the Contributing Projects without payment of the Reimbursement Fees. c. Failure to Collect. City shall immediately pay to Developer the Reimbursement Fee for a Contributing Project if, for any reason, City grants an approval to a Contributing Project but .voluntarily elects not to collect and pay to Developer the Reimbursement Fee attributable to the Contributing Project. d. City's use of Reimbursement Fees. To the extent that Reimbursement Fees are owed to Developer tor to 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 "D" 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 among Developer and other Contributing Projects owed Reimbursement Fees in proportion to the amount of such Reimbursement Fees owed to Developer and each such Contributing Project. e. This section 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-1 on Exhibit B. Assuming that the Actual Traffic Mitigation Improvement Costs therefor are $500,000, then Sears would be required to pay to the City $425,000 ~ the Actual Traffic Mitigation Improvement Costs less the Existing Funding Sources totalling $75,000). Said payment would generate a Reimbursement Fee to Sears in the amount of $272,340 calculated as follows: (i) 178,000 sq. ft. (Sears store) divided by 578,000 sq. ft. (total project) yields an allocable share (of that Contributing Project's total share) of approximately 31%; (ii) 31% of that Contributing Project's Estimated Required Payment is 152,660 (0.31 x $492,450); and (AGREEMENTS~SRIDG1CL.SAM) 8