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<br />along Bayshore Road and the Bair Island Area and vicinity thereof (collectively <br /> <br />referred to as the "Funding Programs"); and <br /> <br />WHEREAS, notwithstanding that City has not adopted such Funding <br /> <br />Programs and regardless of whether City has adopted such Funding Programs <br /> <br />or anyone of them prior to issuance of the building permits required for the <br /> <br />construction of the Project, pursuant to the conditions of approval of the Planned <br /> <br />Development and Final Map, City and Owner desire to provide for the funding of <br /> <br />off-site roadway improvements for the Project in accordance with this <br /> <br />Agreement. <br /> <br />AGREEMENT <br /> <br />SECTION 1. EFFECTIVE DATE AND TERM <br /> <br />Section 1.01 Effective Date. This Agreement shall become effective the <br /> <br />date upon which this Agreement is executed by Owner and City (the "Effective <br /> <br />Date"). <br /> <br />Section 1.02 Term. The term of this Agreement (the "Term") shall <br /> <br />commence upon the Effective Date and continue for a period of ten (10) years. <br /> <br />SECTION 2. TRAFFIC MITIGATION FEE PAYMENT <br /> <br />Section 2.01 Traffic Mitigation Fee. City acknowledges receipt of the <br /> <br />sum of Seven Hundred Forty-five Thousand Eight Hundred Eighty Dollars <br /> <br />($745,880) as a Traffic Mitigation Fee (the "TMF Deposit") calculated, for the <br /> <br />purpose of this Agreement, on a trip generation basis. Any amount of the <br /> <br />Deposited Funds in excess of the TMF Deposit plus interest on the amount of <br /> <br />f/sh/sh/RC/council <br />AGMT-232 <br />02/08/00 <br />9:21 AM <br />FXS/fs/ <br /> <br />6 <br />