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WHEREAS, mitigating measures included (1) financial partici- <br />pation by Developer in certain studies and (2) agreement to <br />participate in assessment districts or other funding mechanisms <br />for certain improvements, both to be done prior to the issuance <br />of a building permit on the project site; and <br />WHEREAS, the studies required are currently underway, <br />but the final-cost and method of allocating the cost among <br />several projects has not yet been determined, it being the <br />City's desire to spread the total cost of the studies fairly <br />among participating projects; and <br />j7HEREAS, Developer desires to secure building permits <br />for the above-referenced project as soon as possible, prior to <br />the completion of, and determination of the financing of, <br />the studies required; and <br />~JHEP.EAS, City may adequately protect its interest in <br />securing payment for the studies through this agreement and <br />finds that it is in the public interest to allow Developer <br />to proceed in advance of their completion. <br />STOW, THEREFORE, City and Developer hereby agree as follows: <br />I. TRAFFIC FACILITIES <br />Developer•agrees to place the project site into an <br />assessment district or districts for the. construction o~ all <br />of the facilities necessary for the az~elioration of traffic <br />congestion caused by development of the subject property <br />including its direct and cumulative traffic impact. Facilities <br />- necessary shall be those deemed necessary by the City. The <br />assessment district or districts shall be formed as the time <br />deemed necessary by the. City. <br />-2- <br /> <br />