Laserfiche WebLink
<br />WHEREAS, the formation of Funding Programs is not anticipated to <br /> <br />feasibly occur prior to the issuance of the Project Building Permit; and <br /> <br />WHEREAS, notwithstanding that City has not adopted such Funding <br /> <br />Programs and regardless of whether City has adopted such Funding Programs <br /> <br />or anyone of them prior to issuance of the Project Building Permit, City and <br /> <br />Owner desire to provide for the funding of off-site roadway improvements for the <br /> <br />Project in accordance with this Agreement. <br /> <br />DEFINITIONS <br /> <br />"Project Building Permit" means the permit issued by the Building <br />Department of the City of Redwood City and includes the foundation building <br /> <br />permit. <br /> <br />AGREEMENT <br /> <br />SECTION 1. EFFECTIVE DATE AND TERM <br /> <br />Section 1.01 Effective Date. This Agreement shall become effective the <br /> <br />date upon which this Agreement is executed by Owner and City (the "Effective <br /> <br />Date"). <br /> <br />Section 1.02 Term. The term of this Agreement (the "Term") shall <br /> <br />commence upon the Effective Date and continue for a period of ten (10) years. <br /> <br />SECTION 2. TRAFFIC MITIGATION FEE PAYMENT <br /> <br />Section 2.01 Traffic Mitigation Fee. Owner shall pay City a traffic <br /> <br />mitigation fee in the amount of $1.65 per square foot (the "Fixed Fee") <br /> <br />calculated, for the purpose of this Agreement, on a trip generation basis. Based <br /> <br />Agmt-212 <br />f/sh/shlRC/Councii <br />FXS:rg <br />11/9/98,11/17/98, 1'2/143198 <br /> <br />3 <br />