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<br />(2) years from the Effective Date and to be substantially completed within three <br /> <br />(3) years from the Effective Date. <br /> <br />(b) The construction of the Emergency Access, including the Sewer Main <br /> <br />Project is contemplated to begin within seven (7) years from the Effective Date <br /> <br />and to be completed within ten (10) years from the Effective Date. In the event <br /> <br />that the construction of the Emergency Access has not commenced within seven <br /> <br />(7) years from the Effective Date, the sum of (I) $285,880.00, ptus interest <br /> <br />thereon, if the City adopts the Citywide Traffic Impact Fee or other Funding <br /> <br />Program, or (ii) $385,880.00, plus interest thereon, if the City does not adopt the <br /> <br />Citywide Traffic Impact Fee or other Funding Program shall be reimbursed to <br />Owner and Owner shall have no further obligation with respect to contributing to <br /> <br />the cost of construction of the Emergency. Access. <br /> <br />I n the event that the <br /> <br />Emergency Access is not substantially completed within ten (10) years from the <br /> <br />Effective Date, Owner shall be reimbursed any money not expended by City in <br /> <br />. connection with the Emergency Access. <br /> <br />(c) In the event that a Traffic Assessment District is formed generally <br /> <br />within the Bair Island Area (the "Bair Island District"), prior to the commencement <br /> <br />of the construction of the Emergency Access, Owner shall pay its fair share of <br /> <br />the amount of the Bair Island District. City shall reimburse Owner the sum of <br /> <br />. <br />$285,880 (to the extent said sum was deposited by Owner and has not been <br /> <br />reimbursed to Owner pursuant to Section 2.01) together with interest accrued <br /> <br />thereon upon funding of the Bair Island District. In the event that the Citywide <br /> <br />f/sh/shlRC/council <br />AGMT-232 <br />02108100 <br />1:43PM <br />FXS/fsl <br /> <br />11 <br />