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12.3 Developer shall receive a provisional water capacity charge credit of fifty percent <br />(50%) of the Estimated Cost of the WCC Work ("Provisional WCC Credit") at the time the Water <br />Capacity Charge is due under Redwood City Code Section 38.15(C) <br />12.4 Promptly following the substantial completion of the WCC Eligible <br />Improvements, Developer shall submit to City's Director of Community Development a post - <br />completion accounting report for purposes of calculating the final water capacity charge credit <br />("Actual WCC Credit'j. The post -completion accounting report, including supporting <br />documentation, must be received by City prior to the date on which the City Council adopts a <br />Resolution accepting the applicable WCC Eligible Improvement(s) pursuant to Section 13.1 of <br />this Agreement. The post -completion accounting report shall: <br />12.4.1 Describe with particularity each of the WCC Eligible Improvements (or <br />portion thereof) for which Developer has received a Provisional WCC <br />Credit; and <br />12.4.2 Set forth by line item Developer's actual out-of-pocket costs paid to <br />unaffiliated third parties in connection with the construction and <br />installation of each of the applicable WCC Eligible Improvements (or <br />portion thereof) ("Eligible WCC Work Costs"). Internal project <br />management and administrative costs and expenses, including amounts <br />paid to affiliates of Developer, if any, shall not be considered Eligible <br />WCC Work Costs and shall not be counted for purposes of calculating <br />the Actual WCC Credit; and <br />12.4.3 Identify any true -up amount to be paid by City to Developer, or <br />Developer to City, in light of the actual amount of Eligible WCC Work <br />Costs. <br />12.5 City shall not unreasonably withhold or delay its approval of the post -completion <br />accounting report. If the post -completion accounting report, as approved by City, demonstrates <br />that the Actual WCC Credit, as calculated based on the actual Eligible WCC Work Costs (or <br />percentage of Eligible WCC Work Costs, if applicable), exceeded the Provisional WCC Credit, <br />City shall make a true up payment of the difference to Developer within 30 days of City's <br />approval of the report. If the post -completion accounting report demonstrates that the Provisional <br />WCC Credit exceeded the Actual WCC Credit, then Developer shall make a true up payment of <br />the difference to City within 30 days of City's approval of the report. <br />12.6 Notwithstanding any provision of this Agreement or Applicable Law to the <br />contrary, the Actual WCC Credit available to Developer in connection with the Project shall not <br />exceed fifty percent (50%) of the lesser of (a) the Eligible WCC Work Costs paid by Developer <br />and (b) the Estimated Cost of the WCC Work. Developer shall not be entitled to reimbursement <br />to the extent the amount of the Actual WCC Credit exceeds the total amount of applicable Water <br />Capacity Charge otherwise due in connection with the Project. <br />13. Final Acceptance. <br />131 Notice of Comnletion. Within thirty (30) days of receipt of Developer's Notice <br />of Completion pursuant to Section 11 above, the City Engineer shall inspect the Work and repairs <br />and review the written acceptances, if any, and send Developer a written notice stating whether <br />the Work and repairs are complete to the satisfaction of the City Engineer, in his or her <br />REV: 0406-17 PR <br />Page 6 of 29 <br />ATTY/AGR.2017.073/Stanford - Subdivision Improvement Agreement <br />