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• 93103418
<br /> into account possible inaccuracies in the original cost estimates
<br /> to complete the Traffic Mitigation Improvements. City shall
<br /> complete the Traffic Mitigation Improvements from time to time as
<br /> and when the same shall be required, as a consequence of
<br /> additional development in the Stoneridge Shopping Center area, in
<br /> order to avoid a deterioration of the level of traffic service
<br /> (LOS) at any intersection identified on Exhibit D below LOS "D" .
<br /> Developer or its successors shall pay to City, in installments,
<br /> Developer's share of the costs of the Traffic Mitigation
<br /> Improvements; each such installment shall be calculated by
<br /> multiplying the Developer Contribution by a fraction, the
<br /> numerator of which is the Floor Area the subject of the relevant
<br /> building permit and the denominator of which is 356,000. Each
<br /> such installment payment shall be made at the later of
<br /> (i) issuance of the subject building permit or (ii) incurrence by
<br /> City of the costs to complete the relevant Traffic Mitigation
<br /> Improvements. The maximum Developer Contribution shall not
<br /> exceed the lesser of the aforementioned maximum amount or
<br /> Developer's share of City's actual cost to complete the Traffic
<br /> Mitigation Improvements. Notwithstanding the foregoing,
<br /> Developer's contribution percentage, and the maximum Developer
<br /> Contribution obligation referred to above, shall be reduced in
<br /> proportion to the burden assumed by any additional development
<br /> project(s) which the City in good faith determines should be a
<br /> Contributing Project within the Stoneridge Shopping Center area
<br /> in respect of a fair allocation of the costs of completing the
<br /> Traffic Mitigation Improvements. Under no circumstances shall
<br /> Developer be responsible for paying or advancing any portion of
<br /> the costs of the Traffic Mitigation Improvements beyond the
<br /> Developer Contribution, except as provided in Section 3.2 (b) .
<br /> (b) Reference is made to that certain public
<br /> document dated August 20, 1990 entitled "Reimbursement Agreement
<br /> for Stoneridge Corporate Plaza II" by and between the City and
<br /> Crocker Properties Inc. ("Crocker Agreement") whereby Crocker
<br /> Properties Inc. ("Crocker") agrees to advance, subject to partial
<br /> reimbursement and certain maximum limitations, the total costs of
<br /> completing the Traffic Mitigation Improvements. If, despite
<br /> City's best efforts, Crocker fails to advance the funds for
<br /> Traffic Mitigation Improvements when, as a result of the Project,
<br /> LOS at any intersection identified on Exhibit D which will fall
<br /> below LOS "D" (such advance by Crocker to be in the amount of
<br /> such costs in excess of Developer' s share thereof and other
<br /> funds, if any, received by the City from Contributing Projects) ,
<br /> then Developer will advance the funds necessary to mitigate such
<br /> intersections, subject to the following conditions:
<br /> (i) Developer shall be reimbursed, from payments to be required
<br /> by the City from Contributing Projects, on the same terms and
<br /> conditions afforded to Crocker under the Crocker Agreement,
<br /> including Paragraphs 7 and 8 thereof; and (ii) in no event shall
<br /> Developer's aggregate obligation so to advance funds exceed a
<br /> total amount (including Developer's Contribution) equal to the
<br /> sum of (A) $752 , 820 plus an accrual factor thereon at the Wells
<br /> Fargo Bank Prime Rate from time to time in effect, commencing
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<br /> LENBILITY FOR NICPORt,ING MD
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