Agmt00 Irvine Apartment ... (3) - Laserfiche WebLink

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the Deposited Funds in excess of the TMF Deposit will be returned to Owner, with interest thereon, upon execution of this Agreement by the parties. The TMF Deposit will be deposited by City in an interest bearing account. In the event that City adopts a Citywide Traffic Impact Fee on residential developments within seven (7) years from the Effective Date (the "Citywide Traffic Impact Fee" or the "Ordinance") or other Funding Program (including the Bair Island District referred to in Section 2.04, below), Owner's Traffic Mitigation Fee shall be adjusted. In the event Owner's fair share of the Citywide Traffic Impact Fee or other Funding Program is greater than Owner's Traffic Mitigation Fee, plus interest earned on the TMF Deposit to the date of determination of Owner's fair share of the Citywide Traffic Impact Fee or other Funding Program, Owner shall pay its share of the Citywide Traffic Impact Fee or other Funding Program according to the terms and conditions of the Citywide Traffic Impact Fee program or other Funding Program, provided that Owner's share of the Citywide Traffic Impact Fee or other Funding Program shall not exceed the sum of $751,750.00, and provided further that Owner shall receive a credit for the amount paid, as a Traffic Mitigation Fee plus interest thereon to the date of determination of Owner's fair share of Citywide Traffic Impact Fee or other Funding Program. In the event that the Traffic Mitigation Fee paid by Owner under this Agreement plus interest accrued thereon is greater than Owner's fair share owed under the Citywide Traffic Impact Fee or other Funding Program, City shall reimburse Owner the difference between the two amounts upon f/sh/sh/RC/council AGMT-232 02/08/00 9:21 AM FXS/fs/ 7