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Reitr <br />reiml <br />entel <br /> <br />The ~ <br />shall <br />Impr <br />shall <br /> <br />This Agreement no <br />by the Cities and <br /> <br />Joint Exercise of Powe <br />TVTD Fees for Traffi <br /> <br />bursement shall be from TVTD Fee revenues only, and the right to <br />~ursement shall terminate ten years from the date the developer <br />ed into the agreement for construction of the project. <br /> <br />~mount of the credit, or the credit and reimbursement together, <br />be in an amount equal to the cost of the Transportation <br />~vements Project or portion thereof, as set forth in the SEP, and <br />be calculated by the Public Works Director or City Engineer of the <br /> <br />Part~ 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 1,o~ts bonds. The credit shall be granted at the same time. Once <br />calcu tared, the amount of reimbursement shall not increase for inflation <br />nor s ~all it accrue interest. <br /> <br />Rein tbursement for Projects Not Funded in SEP. If a developer <br />consl ructs all or a part of a Transportation Improvement Project that is <br />not, ;tt 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 reasurer, provided that the SEP is subsequently revised to include <br />the nprovement in the prioritization plan as a project to be funded. In <br />suct Event, the amount of reimbursement shall be calculated by the <br />Publi c Works Director or City Engineer of the Party in which the <br />devel apment is located (and approved by the TVTC Technical Advisory <br />Corn nittee) and shall be equal to the cost of the project or portion <br />there ~f, as set forth in the SEP. The amount of the reimbursement shall <br />be ca ~culated when the developer enters into an agreement for <br />consl ruction of the Transportation Improvement Project and posts <br />bond ;. Once calculated, the amount of reimbursement shall not <br />incre tse for inflation nor shall it accrue interest. Reimbursement shall <br />be fn ,m TVTD Fee revenues only, and the right to reimbursement shall <br />term5 nate ten years from the date the developer entered into the <br />agree ment for construction of the project. <br /> <br /> Section 16. <br /> Amendments <br /> <br /> ay be amended at any time by an amendment mutually executed <br /> ~'ounties. Such amendments shall be approved by the governing <br /> <br /> 's Agreement Page 17 of 21 <br /> Mitigation June 2, 1998 <br /> <br /> <br />