AgdaPkt 2000-02-14 - Laserfiche WebLink

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,~']:> 2:3 (2) years from the Effective Date and to be substantially completed within three (3) years from the Effective Date. (b) The construction of the Emergency Access, including the Sewer Main Project is contemplated to begin within seven (7) years from the Effective Date and to be completed within ten (10) years from the Effective Date. In the event that the construction of the Emergency Access has not commenced within seven (7) years from the Effective Date, the sum of (I) $285,880.00, plus interest thereon, if the City adopts the Citywide Traffic Impact Fee or other Funding Program, or (ii) $385,880.00, plus interest thereon, if the City does not adopt the Citywide Traffic Impact Fee or other Funding Program shall be reimbursed to' Owner and Owner shall have no further obligation with respect to contributing to the cost of construction of the Emergency Access. In the event that the Emergency Access is not substantially completed within ten (10) years from the Effective Date, Owner shall be reimbursed any money not expended by City in connection with the Emergency Access. (c) In the event that a Traffic Assessment District is formed generally within the Bair Island Area (the "Bair Island District"), prior to the commencement of the construction of the Emergency Access, Owner shall pay its fair share of the amount of the Bair Island District. City shall reimburse Owner the sum of ($285,880) (to the extent said sum was deposited by owner and has not been reimbursed to Owner pursuant to Section 2.01) together with interest accrued thereon upon funding of the Bair Island District. In the event that the Citywide f/sh/sh/RC/council AGMT-232 02/08/00 9:21 AM FXS/fs/ 11 ""--'-'.'-'1r ..