|
(iii) the difference between $425,000 and $152,560 is
<br />$272,340 which constitutes the amount paid in excess of such allot. able share.
<br />
<br />Assume that (1) Developer, as the next Contributing Project, is required to fund an
<br />additional Traffic Mitigation Improvement, the actual cost of which is $325,000, anct (2)
<br />Developer's total Estimated Required Payment is $250,000. If Developer obtained a
<br />building-permit for Developer's total project (604,750 square feet), a Reimbursement
<br />Fee would then be payable to Developer in the amount of $75,000 (namely, the
<br />difference between $325,000 and $250,000). Assume further that an additional
<br />Contributing Project is constructed at a time when no additional Traffic Mitigation
<br />Improvement must be constructed, and that such Contributing Project pays to the City,
<br />at issuance of the building permit therefor, its Estimated Required Payment of $100,000
<br />(including the accrual factor, to the extent applicable, referred to in Section 5.b. above).
<br />Said $100,000 would be paid by the City, by way of partial pro rata repayment of
<br />Reimbursement Fees, to Sears ($78,000) and to Developer ($22,000), which payments
<br />reflect a proportional allocation between Sears (owed a Reimbursement Fee of
<br />$272,340) and Developer (owed a Reimbursement Fee of $75,000).
<br />
<br />As provided in Section 5.b. above, an accrual factor (at the Prime Rate) shall be added
<br />to unpaid Reimbursement Fees. By way of illustration utilizing the foregoing example,
<br />assume that the $100,000 is paid by the City to the first Contributing Project and to
<br />Developer two years and one year, respectively, after each had advanced funds to pay
<br />for the particular Traffic Mitigation Improvement required at the time their respective
<br />building permits were issued; assume further that the Prime Rate was 8%% per annum
<br />during the two-year period referred to and the two year period commenced after
<br />January 1, 1998. The total Reimbursement Fee due the first Contributing Project would
<br />be the sum of $272,340 plus approximately $46,300 (namely, two years' accrual at 8%
<br />on $272,340), or a total of $318,640. Similarly, the total Reimbursement Fee due
<br />Developer would be $75,000 plus $6,375 (one years accrual at 8% on $75,000), or a
<br />total of $81,375. Using the foregoing figures, the $100,000 would be allocated $79,700
<br />to the first Contributing Project and $20,300 to the Developer, in proportion of the total
<br />Reimbursement Fees (including the accrual) owed to each at the date of
<br />reimbursement by the City.
<br />
<br /> f. Mall Expansion. If the approval requested is for a mall
<br />expansion not involving an anchor store (such as Sears), City shall require payment of
<br />Reimbursement Fees by the Contributing Project as a condition of approval on the
<br />following basis. The payment of the Reimbursement Fees shall be based on the
<br />number of peak hour trips which the use generates based on 2.8 trips/1000 square
<br />feet. In all other respects the provisions of subsections b. and c. above shall apply.
<br />
<br /> (AGREEMENTS~SRIDG1CL.SAM) 9
<br />
<br />
<br />
|