Laserfiche WebLink
intensity of future development on that property, based on the traffic <br />generating effects of that future development. <br /> <br /> 5. Establishment of Fee. The reimbursement fee, based on the <br />reimbursement principle above, is hereby established as follows: <br /> <br /> (a) The property owned by Developer as set forth on Exhibit <br />A shall be exempt; <br /> <br /> (b) The property identified as Bonde AP #946-2540-1-33 shall <br />pay a flat fee equal to Three Hundred Seventy-Four Thousand Dollars <br />($374,000); <br /> <br /> (C) All other properties shall pay the following fee: <br /> <br /> (1) Seven Hundred Forty-One Dollars ($741.00) per <br /> single-family residential dwelling unit; <br /> <br /> (2) Five Hundred Fifty-Six Dollars ($556.00) per <br /> multiple family residential dwelling unit; <br /> <br /> (3) Commercial and/or non-residential use: a fee equal <br /> to the single-family unit equivalent traffic <br /> generation, as determined by the City Planning <br /> Director, and calculated by the following formula: <br /> <br /> fee = Total ADT for the project <br /> 10 ADT/SF unit x $741.00/SF unit, <br /> <br /> (4) An annual interest rate of eight percent (8%) shall <br /> be added to the fee for each calendar year after <br /> December 31, 1988, for fees established in this <br /> subsection 5(c). <br /> <br /> 6. Time of Collection. City will collect reimbursement fees at <br />the time of first subdivision or issuance of a building permit, <br />whichever comes first. <br /> <br /> 7. Time and Manner of Disbursement. <br /> <br /> a. Disbursement by City to developer shall be made within <br /> sixty (60) days of date of collection of any reimbursement <br /> fee. <br /> <br /> b. The right to reimbursement shall be personal to the <br /> entities which originally paid for construction costs and <br /> shall continue notwithstanding subsequent sale or transfer of <br /> the property developed. <br /> <br /> - 2 - <br /> <br /> <br />