RES 97147 - Laserfiche WebLink

its project identified on Exhibit D and (2) as a result of the projected traffic from the project, the City Engineer reasonably determines that the LOS at any intersection identified on Exhibit B will be below LOS "D". If the circumstance referred to in clause (2) will not exist following the development of such project fd~_., no Traffic Mitigation Improvements must be completed at the time such project is developed), then Developer (or its successor) shall pay to the City Developer's Estimated Required Payment (or "allocable portion" thereof, as defined below) at such time as either (A) the City is obligated to pay Reimbursement Fees to a Contributing Project as provided in Section 7 below, or (B) the City thereafter incurs costs in connection with the completion of any Traffic Mitigation Improvements; such payment may be made in installments, as necessary, in order to satisfy the foregoing. The foregoing reference to "allocable portion" shall be understood to refer to that circumstance where Developer completes only a portion of its project as referred to on Exhibit D; by way of example, if Developer were to construct 200,000 sq. ft. of the Project (which Project totals 604,750 sq. ft. as shown on Exhibit D), then Developer's allocable portion of its Estimated Required Payment would be 33.1% (200,000 divided by 604,750) of the total Estimated Required Payment for Developer (i.e., 0.331 x $251,250= approximately $83,164). b. Increase in Net Estimated Traffic M. iti,qation Improvement Costs. Any portion of the Net Estimated Traffic Mitigation Improvements Costs not paid to City by Developer by January 1, 1998 shall increase by an interest factor equal to the Prime Rate. The interest factor shall be applied for the period from January 1, 1998 to the date of payment. For purposes of this Restated Reimbursement Agreement, the term "Prime Rate" shall mean the rate of interest which Wells Fargo Bank, N.A. ("WFB") announces publicly at its main office in San Francisco, California, as its "prime rate" for unsecured commercial loans. If WFB no longer announces a prime rate, the term "Prime Rate" shall mean the "reference rate", "base rate" or other comparable rate which WFB announces in lieu of the prime rate. For purposes of this Restated Reimbursement Agreement, changes in the Prime Rate shall be effective as of the date announced by WFB. c. No Obliqations After Expiration Date; Refund of Excess Payments. Except as specifically provided in section 10.b below, Developer shall have no obligations for any portion of the Traffic Mitigation Improvements Costs which has not been requested by City prior to August 9, 2005 ("Expiration Date"). Furthermore, if for any reason, City fails to construct or cause to be constructed as of the Expiration Date any of the Traffic Mitigation Improvements for which Developer's required payments have been paid to the City, the parties shall amend this Restated Reimbursement Agreement to provide a proportionate reduction in Developer's required payments and Developer shall be entitled to a refund of any payments made to City in excess of its required payments, as so adjusted. (AGREEMENTS~SRIDG1CL.SAM) 4