RecDoc 2018-088890 Strada Development Agreement 1548 Maple, LLC

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segments described in Section 3.3 above, water storage improvements, water main upgrades or replacements, roadway widenings, sewer main upgrades and other similar East 101 area improvements. Section 3.8 US 101/SR 84 Interchange Improvement Project. Prior to building permit issuance for each residential unit within the Project, Developer will pay to City a negotiated US 101/SR 84 interchange improvement fee ("US 101/SR 84 Interchange Contribution") in the initial amount of Three Thousand One Hundred Twenty -Three Dollars ($3,123) per residential unit, which City shall allocate towards the costs of the US 101/SR 84 interchange improvement project and, therefore, payment of the US 101/SR 84 Interchange Contribution shall be deemed to satisfy Developer's obligations under MMRP Mitigation Measure TRA -3 to contribute its fair share to improvements to the US 101/SR 84 interchange improvement project. The initial amount of the US 101/SR 84 Interchange Contribution shall be subject to escalation at the Default Escalator rate on January I, 2019, and on January 1 st of each year thereafter during the Term. For the avoidance of doubt, Developer shall not be eligible to receive any credit towards Impact Fees as result of payment of the US 101/SR 84 Interchange Contribution. Section 3.9 Public Parking. As required by the Existing Approvals to satisfy the onsite parking requirement on the Property, Developer, at its sole expense, shall construct thirteen (13) guest parking spaces fronting Maple Street designated as "Maple Frontage Parking" on Exhibit K. The Maple Frontage Parking shall be maintained in perpetuity by Developer through the Project's Home Owners' Association or, subject to City approval in its sole discretion (in accordance with the procedures set forth in Section 3.2.13 above), a LLMD or CFMD. Developer shall also construct, at no cost to City, forty-two (42) additional public parking spaces on the City - owned portion of Maple Street, designated as "City Maple Parking" on Exhibit K and six (6) parking spaces on the City -owned property adjacent to the watercraft launch designated as "Launch Parking" on Exhibit K. For the avoidance of doubt, Developer shall not be eligible to receive any credit towards Impact Fees for the cost of providing the public parking. Section 3.10 Planned Area Utilities. Subject to the credits described in Section 6.2 below, Developer at its expense shall install the improvements depicted and described on Exhibit I (the "Planned Area Utilities") prior to issuance of first certificate of occupancy for a residential unit, or such later date as approved by the City Manager in his or her sole discretion. For the avoidance of doubt, Developer shall not be eligible to receive any credit towards Impact Fees for the cost of the storm drain 48 -inch upgrade component of the Planned Area Utilities. Section 3.11 Tide Gates. On or before issuance of the first building permit for the Project, Developer shall pay to City the sum of One Hundred Thousand Dollars ($100,000) ("Tide Gate Payment"), which City shall use to pay costs associated with replacement of the existing Redwood Creek tide gate improvements with new tide gate improvements that will better accommodate the new 48 -inch diameter storm drainage pipe; provided, however, if City determines, in its sole discretion, that City does not have sufficient funds and/or permit approvals to undertake and complete the new tide gate improvement work, City, at its option, may use the Tide Gate Payment monies for other storm drain improvement project(s) within the City. For the avoidance of doubt, Developer shall not be eligible to receive any credit towards Impact Fees for the Tide Gates Payment. Developer, at its expense, shall construct the stormwater improvements 20 OAK 44843-3885-9090 v 1 I ATTY/AGR/2018.094/STRADA DEVELOPMENT AGREEMENT REV: 07-27-18 VR Page 20 of 94