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- <br />FIRST AMENDMENT TO TRAFFIC DEVELOPMENT FEE CREDIT AGREEMENT <br />THIS FIRST AMENDMENT to the Traffic Development Fee Credit Agreement (the <br />Agreement) is made February /j , 2006, between the City of Pleasanton (City) and Frank Auf der <br />Maur and Konrad Rickenbach (Owners) and amends the Agreement dated May 7, 2002. <br />RECITALS <br />A. In connection with Owners' construction of a two-story service commercial building <br />at 3589 Nevada Street (formerly Del Valle Parkway), City and Owners entered into the <br />Agreement by which Owners agreed to pay for the installation of traffic signal at the intersection <br />of Tawny Drive/Bernal Avenue/Vineyard Avenue (the Improvements). __ -- <br />_-- <br />-- - --- --~-i3~~- e parties recognized that the cost of the Improvements could exceed the Traffic <br />Development Fees (the Traffic Fee) that would have been imposed on Owners in connection <br />with the building at 3589 Del Valle Parkway. <br />C. The parties therefore agreed that the Owners would be entitled to a credit against <br />Traffic Fees due on other development projects on property owned by Owners within the Stanley <br />Business Park. <br />D. Owners and City have also entered a Second Amendment to the Bernal Avenue <br />Extension Agreement by which Owners agreed to dedicate to City about 3826 square feet of <br />their property for roadway purposes; it was agreed that the value of that property was $80,346. <br />E. The final cost of the Improvements has now been ascertained and Owners have paid <br />such cost. <br />F. Owners (or their successors in interest) have pulled building permits for other <br />development projects within the Stanley Business Park and have been given a credit for Traffic <br />Fees against the cost of the Improvements, <br />G. The parties wish to amend the Agreement to reflect the actual cost of the <br />Improvements, to add the value of the dedicated property to the Agreement (and to which Traffic <br />Fee credits may be applied) and to reflect the- amount of the Traffic Fee credits that have been <br />applied to date. <br />NOW, THEREFORE, the parties agree as follows: <br />1. Paragraph 4 of the Agreement is amended to read as follows: <br />"4. Calculation of Fees and Credits. <br />(a) The Traffic Fees for the Project at 3589 Nevada Street (formerly Del Valle <br />Parkway) were $62,577.55. - <br />