RES 97147 - Laserfiche WebLink

may change as properties develop, redevelop or as existing uses expand, intensify or consolidate. As that occurs, the City shall revise the list of Contributing Projects and revise the relative percentages among the Projects so that each Project that has not already paid its entire share shall then be responsible to pay its share of the Traffic Mitigation Improvements Costs based on its estimated peak hour trips as a percentage of the total peak hour trips contributed by all Contributing Projects. The Contributing Project's contribution shall be based on the percentage share of the Traffic Mitigation Improvement Costs, but to the extent any Contributing Project has paid its entire share of the Traffic Improvement Costs when it obtained a building permit, the Project shall not be responsible for an additional contribution should the Project's percentage thereafter increase. Similarly, should the Project's percentage decrease, the Contribijting Project shall not be entitled to a refund. b. Increase In Net Estimated Traffic Miti.qation Improvements Costs. Any portion of the Net Estimated/Actual Traffic Mitigation Improvement Costs not paid by the owners of the Contributing Projects 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. c. Increases Resultinq From Increased Costs. The owner of each Contributing Project shall be responsible for its percentage share (as stated in Exhibit D) of the Excess Traffic Mitigation Improvements Costs as these are defined in Section 6. To the extent that a percentage share of a Contributing Project is paid by either the Developer or City, the Contributing Project shall reimburse the party making payment. 6. Developer's Responsibility For Increased Costs. a. Possible Increased Costs. The Estimated Traffic Mitigation Improvements Costs may be inaccurate for many reasons including the following: (i) Estimate Inaccurate. The estimate of the present costs of particular Traffic Mitigation-Improvements may be inaccurate; and (ii) Increases in Costs. The Traffic Mitigation Improvements Costs may increase after the date of this Restated Reimbursement Agreement at a rate other than the Prime Rate. b. Excess Traffic Mitiqation Improvements Costs. Developer shall be responsible for twenty-five percent (25%) of the costs of the Traffic Mitigation Improvements identified in Exhibit B in excess of One Million Five Thousand Dollars ($1,005,000) ("Excess Traffic Mitigation Improvement Costs"), subject to the following: (AGREEMENTS~RIDG1CL,SAM) 6