AgdaPkt 2000-02-14 - Laserfiche WebLink

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S })G'-f Traffic Impact Fee or other Funding Program is adopted and the Bair Island District is formed as set forth above (collectively the "Programs"), Owner's share of the Citywide Traffic Impact Fee or other Funding Program and the Bair Island District shall not exceed the sum of $751,750.00. The Traffic Mitigation Fee received from Owner by the City shall be credited towards any amount due by Owner under the Programs. (d) For purposes of this Section 2.04, commencement of construction of improvements shall be deemed to have occurred when and only when (i) final plans and specifications for such improvements have been submitted to and approved by the City and any other governmental authority or agency whose approval is required, (ii) all permits required for the completion of such improvements, including but not limited to building permits, shall have been issued, and (iii) all construction contracts with the general contractor for such improvements shall have been entered into. Section 2.05 Option to Post Bond. Notwithstanding any language to the contrary in this Agreement, Owner shall have the option to post a performance bond in the sum of $285,880.00 (the "Bond") in lieu of a cash deposit. Owner shall then have (10) calendar days after the Effective Date to post the Bond with the City. The Bond shall guarantee the faithful performance by Owner of all payments for the construction of the Emergency Access. Upon receipt of the Bond City shall release to Owner the sum of $285,880.00 already on deposit with the City. The Bond shall be for a period of Seven (7) years from f/sh/sh/RC/council AGMT-232 02/08/00 9:21 AM FXS/fs/ 12 '~'--'-""'~'T '