Laserfiche WebLink
to be applied to each Eligible Existing Impact Fee in consideration of the applicable Developer In <br />Kind Contributions, and the net amount of certain of the Eligible Existing Impact Fees as of the <br />Effective Date on a per residential unit basis are set forth in this Section 6.2 below: <br />B. Park Impact Fee Credits. As more fully described in Exhibit J, the total <br />amount of Park Impact Fees as of the Effective Date calculated based on an assumed 131 unit <br />Project is $1,400,197; the agreed upon credit amount to be applied towards the Park Impact Fees <br />in consideration of the Developer In Kind Contributions and, in particular, the Bay Trail <br />Improvements and Trail Easement, and Developer's and its successors ongoing maintenance <br />commitments is $700,000; and the net amount of the Park Impact Fees per residential unit ("Net <br />Per Unit Park Impact Fee") as of the Effective Date is $5,345.02 per residential unit (or $700,197 <br />in total based on a Project of 131 units). The foregoing Net Per Unit Park Impact Fee amount shall <br />be increased on January 1, 2019, and on January I"ofeach year thereafter during the Term by the <br />escalator amount shown on Exhibit J or in the absence of a built in escalator rate, the Default <br />Escalator. The Net Per Unit Park Impact Fee shall be paid in full by Developer at the time of <br />building permit issuance for each residential unit. <br />C. Water Impact Fee Credits. The specific amount of Water Impact Fees will <br />be determined based on the configuration of the individual units and the size of their corresponding <br />water meters and, therefore, the precise amount of the Water Impact Fees cannot be finally <br />determined at this time. The Parties agree, however, that in consideration of the Developer In <br />Kind Contributions and, in particular, the water main upsizing work which shall be completed in <br />all events by no later than issuance of the certificate of occupancy for the twentieth (20th) building, <br />Developer shall be entitled to a credit against Water Impact Fees in the amount of $518,286. <br />Notwithstanding anything to the contrary in the Municipal Code, the credit shall be applied against <br />Water Impact Fees due until the entire credit amount is exhausted. The Water Impact Fees payable <br />by Developer shall be calculated based on the amounts and rates in effect on the Effective Date; <br />provided, however, those amounts and rates shall be increased on January 1, 2019, and on January <br />1st of each year thereafter during the Term by the Default Escalator. Once the above referenced <br />credit amount is exhausted, the Water Impact Fee shall be paid in full by Developer at the time of <br />building permit issuance for each residential unit. <br />D. Transportation Impact and Infrastructure Improvement Fee Credits. As <br />more fully described in Exhibit J, the total amount of Transportation Impact Fees and Infrastructure <br />Improvement Fees as of the Effective Date calculated based on an assumed 131 unit Project is <br />$2,055,128; the agreed upon credit amount to be applied towards the Transportation Impact Fees <br />and Infrastructure Improvement Fees in consideration of the Developer In Kind Contributions, <br />including construction of the Blomquist — County Segment and Blomquist — Developer Segment <br />(or in lieu thereof payment to City of the County/Developer Segments In Lieu Payment as more <br />particularly set forth in Section 3.3 above), is $1,992,370; and the net amount of the Transportation <br />Impact Fees and Infrastructure Improvement Fees per residential unit ("Net Per Unit <br />Transportation and Infrastructure Impact Fee") as of the Effective Date is $479.07 per <br />residential unit (or $62,758 in total based on a Project of 131 units). The foregoing Net Per Unit <br />Transportation and Infrastructure Impact Fee amount shall be increased on January 1, 2019, and <br />on January I't of each year thereafter during the Term by the escalator amount shown on Exhibit <br />J or in the absence of a built in escalator rate, the Default Escalator. The Net Per Unit <br />30 <br />OAK #4843-3885-9090 v I I <br />ATTY/AGR/2018.094/STRADA DEVELOPMENT AGREEMENT <br />REV: 07-27-18 VR <br />Page 30 of 94 <br />