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s ~ <br />TRAFFIC DEVELOPMENT FEE <br />CREDIT AGREEMENT <br />~ This Traffic Development Fee Credit Agreement ("Agreement") is entered into this <br />__~_ day of _j~'~~~~ 2002 by and between the City of Pleasanton ("City") and Frank <br />Auf der Maur and Ko d Rickenbach (collectively the "Owners"). <br />RECITALS: <br />A. The Owners desire to construct atwo-story service commercial building of <br />approximately 15,020 square feet (the "Project") on 0.97 acres of land located at 3589 Del Valle <br />Parkway (the "Project"). <br />B. Pursuant to City of Pleasanton Planning Commission Resolution No. 2002- 1~, <br />approving the design review approval for the Project (PDR-167), Condition of Approval No. 26 <br />requires the Owners to construct and install a traffic signal at the intersection of Tawny <br />Drive/Bernal Avenue/Vineyard Avenue (the "Improvements"). <br />C, To the extent that the cost of the Improvements exceeds the Traffic Development <br />Fees (the "Traffic Fee") imposed pursuant to Pleasanton Municipal Code Chapter 3.26, the <br />Owners shall be entitled to a credit against Traffic Fees due for other development as set forth in <br />this Agreement. <br />NOW, THEREFORE, in exchange for valuable consideration, the receipt of which is <br />hereby acknowledged, the parties agree as follows: <br />1. The design of the Improvements shall be submitted to the City Engineer and Traffic <br />Engineer for review and approval prior to construction of the Improvements. <br />2. The Improvements shall be subject to a public improvement agreement for purposes of <br />bonding and maintenance. <br />3. The Project shall not be occupied until the Improvements are completed and accepted by <br />the City. <br />4. Calculation of Fees and Credit. <br />(a) Based upon the size of the Project, the currently estimated Traffic Fees are <br />approximately fifty thousand dollars ($50,000). Owners shall not be required to pay the Traffic <br />Fees upon issuance of a building permit. <br />(b) The current estimated cost for the Improvements is one hundred and thirty-five <br />thousand dollars ($135,000). Within thirty (30) days of City acceptance of the Improvements, <br />Owners shall submit final costs for the Improvements to the City Engineer for verification as to <br />the reasonableness of the amounts. Final costs may include reasonable finance charges, if any, <br />