RES 97147 - Laserfiche WebLink

(i) Developers Maximum Liability. Developers maximum liability for Excess Traffic Mitigation Improvements Costs shall be ten percent (10%) of Developer's Estimated Required Payment (i.e., ten percent (10%) of Two Hundred Forty-one Thousand Two Hundred Dollars ($251,250) or Twenty-Five Thousand One Hundred Twenty-five Dollars ($25, 125)); and (ii) Reimbursement from Contributinq Proiects. Subject to reimbursement, Developer shall be responsible for paying the Contributing Projects' respective shares of Excess Traffic Mitigation Improvements Costs, not to exceed an aggregate payment (after including Developer's and Contributing Projects' respective shares) of Twenty Five Thousand One Hundred Twenty Five Dollars ($25,125) ("Developer's Maximum Payment of Excess Traffic Mitigation Costs"). Any Excess Traffic Mitigation Costs in excess of Developer's Maximum Payment of Excess Traffic Mitigation Improvements CoSts shall be paid by City, subject to reimbursement by Contributing Projects. The owner of each Contributing Project shall reimburse Developer or City for its percentage share of the Excess Traffic Mitigation Improvements Costs paid by Developer, the City, or any other Contributing Project that has advanced Excess Traffic Mitigation Costs, respectively (together with interest at the Prime Rate from the date of payment by such person or entity to the date of reimbursement by the owner of the Contributing Project). Such payment shall be required concurrent with the payment by such Contributing Project of its percentage share of Traffic Mitigation Improvements Costs generally. Upon receipt of such payment toward the Excess Traffic Mitigation Improvements Costs, the City shall apply same to repayment of such Excess Traffic Mitigation Improvements Costs advanced by Developer, the City and/or any other Contributing Project in proportion to the amount thereof advanced by each such person. 7. Reimbursement From Contributi.n.q Projects. a. Reimbursement Fees. If Developer has paid to City the portion of the Net Estimated Traffic Mitigation Improvements Costs or Excess Traffic Mitigation Improvements Costs attributable to a Contributing Project, the portion of the Net Estimated Traffic Mitigation Improvements Costs or Excess Traffic Mitigation Improvements Costs attributable to the Contributing Project plus an interest accrual thereon at the Prime Rate from the date paid until reimbursement hereunder ("Reimbursement Fee") shall be collected from the Contributing Project by City and paid to Developer. b. Required Payments For Approvals. Based on the estimated peak hour trips as set forth in Exhibit D, City shall require payment of Reimbursement Fees by each Contributing Project as a condition of the next approval requested by the Contributing Project and shall collect the Reimbursement Fees in conjunction with the first building permit requested, except as provided in subsection f. below; provided, however, that a developer's percentage share shall be adjusted to account for any differences between the estimated peak hour trips of its permitted project (i:e., the (AGREEMENTS~SRIDG1CL.SAM) 7