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