VORELCO OF CALIFORNIA - AGREEMENT MAR 1982

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