AgdaPkt 2018-05-21 Joint SA PFA - Laserfiche WebLink

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OAK #4843-3885-9090 v10 30 ATTY/AGR/2018.094/STRADA DOCKTOWN DEVELOPMENT AGREEMENT REV: 05-03-18 PR Page 30 of 93 Kind Contributions, and the net amount of each Eligible Existing Impact Fee as of the Effective Date on a per residential unit basis are set forth in this Section 6.2 below: B. Park Impact Fee Credits. As more fully described in Exhibit J, the total amount of Park Impact Fees as of the Effective Date calculated based on an assumed 131 unit Project is $1,400,197; the agreed upon credit amount to be applied towards the Park Impact Fees in consideration of the Developer In Kind Contributions and, in particular, the Bay Trail Improvements and Trail Easement, and Developer’s and its successors ongoing maintenance commitments is $700,000; and the net amount of the Park Impact Fees per residential unit (“Net Per Unit Park Impact Fee”) as of the Effective Date is $5,345.02 per residential unit (or $700,197 in total based on a Project of 131 units). The foregoing Net Per Unit Park Impact Fee amount shall be increased on January 1, 2019, and on January 1st of each year thereafter during the Term by the escalator amount shown on Exhibit J or in the absence of a built in escalator rate, the Default Escalator. The Net Per Unit Park Impact Fee shall be paid in full by Developer at the time of building permit issuance for each residential unit. C. Water Impact Fee Credits. The specific amount of Water Impact Fees will be determined based on the configuration of the individual units and the size of their corresponding water meters and, therefore, the precise amount of the Water Impact Fees cannot be finally determined at this time. The Parties agree, however, that in consideration of the Developer In Kind Contributions and, in particular, the water main upsizing work which shall be completed in all events by no later than issuance of the certificate of occupancy for the twentieth (20th) building, Developer shall be entitled to a credit against Water Impact Fees in the amount of $518,286. Notwithstanding anything to the contrary in the Municipal Code, the credit shall be applied against Water Impact Fees due until the entire credit amount is exhausted. The Water Impact Fees payable by Developer shall be calculated based on the amounts and rates in effect on the Effective Date; provided, however, those amounts and rates shall be increased on January 1, 2019, and on January 1st of each year thereafter during the Term by the Default Escalator. Once the above referenced credit amount is exhausted, the Water Impact Fee shall be paid in full by Developer at the time of building permit issuance for each residential unit. D. Transportation Impact and Infrastructure Improvement Fee Credits. As more fully described in Exhibit J, the total amount of Transportation Impact Fees and Infrastructure Improvement Fees as of the Effective Date calculated based on an assumed 131 unit Project is $2,055,128; the agreed upon credit amount to be applied towards the Transportation Impact Fees and Infrastructure Improvement Fees in consideration of the Developer In Kind Contributions, including construction of the Blomquist – Street Extension (or in lieu thereof construction a portion of the Blomquist Street Extension and payment to City of the County/Developer Segments In Lieu Payment as more particularly set forth in Section 3.3 above), is $1,992,370; and the net amount of the Transportation Impact Fees and Infrastructure Improvement Fees per residential unit (“Net Per Unit Transportation and Infrastructure Impact Fee”) as of the Effective Date is $479.07 per residential unit (or $62,758 in total based on a Project of 131 units). The foregoing Net Per Unit Transportation and Infrastructure Impact Fee amount shall be increased on January 1, 2019, and on January 1st of each year thereafter during the Term by the escalator amount shown on Exhibit J or in the absence of a built in escalator rate, the Default Escalator. The Net Per Unit 6.4.B. - Page 55