Laserfiche WebLink
Reimbursement shall be from TVTD Fee revenues only, and the right to <br /> reimbursement shall terminate ten vears from the date the developer <br /> entered into the agreement for construction of the project. <br /> <br /> The amount of the credit, or the credit and reimbursement together, <br /> shall be in an amount equal to the cost of the Transportation <br /> Improvements Project or portion thereof, as set forth in the SEP, and <br /> shall be calculated by the Public Works Director or City Engineer of the <br /> Party granting the credit (and approved by the TVTC Technical <br /> Advisory Committee). The credit, or the credit and reimbursement <br /> together, shall be calculated at the time the developer enters into an <br /> agreement for construction of the Transportation Improvement Project <br /> and posts bonds. The credit shall be granted at the same time. Once <br /> calculated, the amount of reimbursement shall not increase for inflation <br /> nor shall it accrue interest. <br /> <br /> b. Reimbursement for Projects Not Funded in SEP. If a developer <br /> constructs all or a part of a Transportation Improvement Project that is <br /> not, at time the developer enters into an agreement for construction of <br /> such project, included in the prioritization plan of the SEP as a project <br /> to be funded, the developer may be eligible for be reimbursement from <br /> the Treasurer, provided that the SEP is subsequenfiy revised to include <br /> the improvement in the prioritization plan as a project to be funded. In <br /> such event, the amount of reimbursement shall be calculated by the <br /> Public Works Director or City Engineer of the Party in which the <br /> development is located (and approved by the TVTC Technical Advisory <br /> Committee) and shall be equal to the cost of the project or portion <br /> thereof, as set forth in the SEP. The amount of the reimbursement shall <br /> be calculated when the developer enters into an agreement for <br /> construction of the Transportation Improvement Project and posts <br /> bonds. Once calculated, the amount of reimbursement shall not <br /> increase for inflation nor shall it accrue interest. Reimbursement shall <br /> be from TVTD Fee revenues only, and the right to reimbursement shall <br /> terminate ten years from the date the developer entered into the <br /> agreement for construction of the project. <br /> <br /> Section 16. <br /> <br />This Agreement may be amended at any time by an amendment mutually executed <br />by the Cities and Counties. Such amendments shall be approv~d by the governing <br /> <br />Joint Exercise of Powers Agreement Page 17 of <br />TVTD Fees for Ttaffrc Mitigation June 2, 1998 <br /> <br /> <br />