RecD96 1996-138988 - Laserfiche WebLink

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M. Pursuant to a duly noticed meeting of its Board of Directors, Flatirons Capital, Inc., a Delaware corporation and managing general partner of Flatirons, adopted a resolution authorizing the execution of this Agreement by Flatirons Capital, Inc., as managing general partner of Flatirons. N. It is the intent of the parties that Flatirons' obligations with respect to all Exactions shall be fixed as of the Effective Date except as specifically provided in this Agreement and that there will be no alteration in the basis or manner for 'computation of any existing Exaction, no increase in any existing Exaction, or the imposition of any new Exaction in connection with the development, construction, use or operation of the Project on the Property after the Effective Date except as o. Except as otherwise specifically provided in this Agreement, the expressly provided in this Agreement. Facilities Fee imposed pursuant to this Agreement and the Redwood Shores Development Agreement is separate from, and in addition to, any other Exactions in effect on the Effective Date, and the Facilities Fee is in full payment for, and in lieu of, any other Exactions (including without limitation, a Sewer System Capital Facilities Fee, Wastewater Treatment Capacity Fee, or Water System Capital Facilities Fee) for the purpose of financing the construction, or for the provision of, the Facilities. P. For budgeting and planning purposes, City desires predictability with respect to the payment of the Facilities Fees for the Project. Flatirons, on the other h~d, desires predictability with respect to the rate of increase over time in the Facilities Fee. However, the Facilities Fee is paid upon issuance of building permits -7- DV AGR0'3.rxJC August 26, 1996