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RECITALS <br /> WHEREAS, each of the Tri-Valley jurisdictions adopted the Joint Exercise of . <br /> Powers Agreement (JEPA) for the Tri-Valley Transportation Development Fees <br /> (TVTDF); and <br /> 'WHEREAS, all TVTC jurisdictions have resolved to cooperatively participate <br /> and adopt uniform TVTD Fee rates; and <br /> WHEREAS, the 7'VTD Fee applies to new development in all seven-member <br /> jurisdictions within the Tri•-Valley area; and <br /> WHEREAS, revenues from the TVTD Fees are used to fund the regional <br /> transportation improvements identified in the Tri-Valley Transportation Plan/Action Plan <br /> (TVTP/AP) and the Strategic Expenditure Plan(SEP); and <br /> WHEREAS, the TVTC commissioned a "fee nexus study" in 1996 to establish <br /> the TVTD Fee based on traffic impacts from new development and the costs for the <br /> transportation improvements identified in the TVTP/AP; and <br /> WHEREAS, the adopted fee in 1998 for Office development was only 10.3% of <br /> the resulting fee from the "fee nexus study" for this type of land use; and <br /> WHEREAS, the adopted fee in 1998 for Industrial development was only 11.5% <br /> of the resulting fee from the "fee nexus study" for this type of land use; and <br /> WHEREAS, the 1-580/I-680 Interchange Improvements project is now complete; <br /> and <br /> WHEREAS, the estimated total cost for the existing ten TVTDF projects has <br /> increased by approximately 65%; and <br /> WHEREAS,the construction cost index for the San Francisco Bay Area has risen <br /> by approximately 14%since the adoption of the TVTD Fee in 1998; and <br /> WHEREAS, an estimated $10.20 million in cash flow deficit is anticipated to <br /> occur by fiscal year 2009-10 based on the current expenditure plan and the scheduling <br /> requirements of TVTDF projects; and <br /> WHEREAS, the gap between fee revenues and regional transportation <br /> improvement costs has left some projects unable to be fully funded, and will likely result <br /> in the delayed delivery of these improvements; and <br /> WHEREAS, Subsection 13.b of the JEPA specifies that for non-automatic <br /> TVTD Fee adjustments agreed upon by the Parties,the amount of the adjustment shall be <br /> Addendum I Page 2 of 5 <br /> Joint Exercise of Powers Agreement 5/1/03 <br /> TVTD Fees for Traffic Mitigation <br />