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<br />SJ» 1 <br /> <br />that corresponds to proportional share of the project's traffic impacts and which <br /> <br />fees will be used to fund roadway improvements, including but not limited to, the <br /> <br />restriping of East Bayshore Road south of Whipple Avenue and the extension of <br /> <br />East Bayshore Road to Maple Street"; and <br /> <br />WHEREAS, on or about October 28, 1998 and February 9, 1999, Owner <br /> <br />deposited with the City, in order to procure building permits for the Project the <br /> <br />sums of $976,850 and $147,515, respectively, for a total of $1,124.365 (the <br /> <br />"Deposited Funds") as a deposit toward the Traffic Mitigation Fees to be imposed <br /> <br />with respect to the Project as contemplated by the Project Approvals; and <br /> <br />WHEREAS, the City and Owner mutually intend that a portion of the <br /> <br />Deposited Funds and the interest earned on that portion of the Deposited Funds <br /> <br />shall be returned to owner upon the execution of this Agreement to the extent <br /> <br />such total sum then held by the City exceeds the Traffic Mitigation Fee payable <br /> <br />by Owner upon execution of this Agreement as contemplated by Section 2 <br /> <br />below; and <br /> <br />WHEREAS, as of the date of City's approval of this Agreement, City has <br /> <br />not adopted a Citywide or Areawide traffic impact fee program applicable to the <br /> <br />Project pursuant to Government Code Section 66000, et seq. (the "Mitigation <br /> <br />Fee Act"), nor has City established an assessment district or other financing <br /> <br />mechanism to fund the Emergency Access or other roadway improvements to <br /> <br />mitigate traffic impacts from existing, approved, and/or pending developments <br /> <br />f/sh/sh/RC/council <br />AGMT-232 <br />02/08/00 <br />9:21 AM <br />FXS/fs/ <br /> <br />5 <br /> <br />'~"--".."- ""-"""Y-' <br />