ORD 1815A - Laserfiche WebLink

an additional One Million Dollars ($ I ,000,000) upon the issuance of the 215lh building permit for a single family detached market rate residential unit. Property Owner shall pay the City its remaining park fees in the amount of Seven Hundred Eighty Nine Thousand Dollars ($789,000) (the "Final Park Fee Payment"), less any excess in accordance with the provisions of this Section 3.4, concurrently with the close of escrow of the final single family detached market rate residential unit in the Project. '\ I 3.5 Affordable Housinl! Prol!ram. The rights and obligations of the Property Owner with respect to the affordable housing component of the Project are set forth in the Affordable Housing Agreement. The Affordable Housing Agreement includes the parties' understanding regarding the extent to which affordable housing units are subject to any public facilities, traffic development, affordable housing or other City fees. 3.6 Local TransDOrtation ImDrovements and Fee PrOl!ram. (a) Bernal Interchanl!e. Bernal Interchange improvements shall be funded in accordance with the Initial Project Approvals and the provisions of this Section 3.6(a). Property Owner's total obligation for Bernal Interchange improvements shall not exceed Fifteen Million Dollars ($15,000,000). No City Traffic Development Fees ("TDFs") that would otherwise be payable by Project Owner in accordance with the Existing Standards and the Project Approvals shall be required to be paid by Property Owner; rather, any and all such TDFs shall be credited to Project Owner's obligations under this Section 3.6(a). rffunds advanced by Property Owner in accordance with the provisions of this Section 3.6(a) exceed the Project's total TDFs that would otherwise be due, Property Owner shall be reimbursed as described below. Improvements include the following: ) (i) Signalize the 1-680 southbound ramp intersection, at such time as the intersection meets traffic signal warrants and development of the Project occurs on the Central or Western Areas. (ii) Provide lane-widening, median-reconfiguration, and re-striping between the northbound and southbound off-ramp intersections to accommodate the configuration shown in Exhibit 15 (Bernal Avenue ImprovementsNalley Avenue Striping) of the PUD, (iii) Reirnburse the developer of irnprovements to the Interstate 680 northbound on- and off-ramps, including a new traffic signal, for fifty percent (50%) of the costs of such improvements, i.e" Three Hundred Nineteen Thousand Seven Hundred Ninety One Dollars ($319,791) (plus interest) in accordance with the terms of that certain Cost Reimbursement Agreement between City, Patrician Associates, Inc, and Principal Development Investors LLC dated February 3, 2000 with reimbursement due upon issuance of the first building permit for a development project on the Central Area (the "Bernal Corporate Park Reimbursement''). Such reimbursement shall be paid from the "Bernal Interchange Account" (as hereinafter defmed) to the extent there are funds in the Bernal Interchange Account; otherwise, Property Owner shall rnake up the difference. 35690/849375v14 - 14- 08l2S100