RecDoc 2010-115130 (2) - Laserfiche WebLink

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ratably on a per Residential Equivalent basis at the time of issuance of each certificate of occupancy for each Residential Equivalent constructed as a part of the Revised Project where a Residential Equivalent is equal to one town home /condominium, or one hotel room, or 2,000 square feet of retail space ( "Residential Equivalent ") for a total possible (if 436 EDU's are actually built) of 436 Residential Equivalents if the entire Revised Project and the hotel and community- serving retail described in the Precise Plan are developed. The rate per each Residential Equivalent shall be $1,784.40 ($778,000 divided by 436) ( "Tank Fee "). The Developer shall pay the required Tank Fee for each residential unit constructed pursuant to the Development Agreement prior to issuance of each residential certificate of occupancy, and the hotel and /or retail developer or developers, as applicable, shall pay the Hotel /retail Tank Fee, for up to 205 Residential Equivalents, at time of building permit issuance for the Hotel and /or the community- serving retail uses. City understands and agrees that so long as the Tank Fee is paid at the time of each certificate of occupancy and building permit issuance, as applicable, the obligation of the Developer and the developer(s) of the Hotel and community- serving retail space described in the Precise Plan with respect to the All Zones Water Storage Improvements shall be fulfilled regardless of the size or number of rooms in the Hotel or the number of homes constructed at completion of the Revised Project. 6. "All Zones Potable Water Line Under Highway 101" Improvements The Developer shall install, in accordance with the Plans, a 20" potable water line in an existing sleeve under US Highway 101 in conformance with the Plans and concurrently with the construction of the Bair Island Road Improvements. Upon doing so, the Developer shall have completely and forever completed its obligation to pay its allocable share of this All Zones Potable Water Line Under Highway 101 improvement. The Hotel developer shall be responsible for the installation on the west side of Highway 101 of any potable water line connections necessary to meet Hotel fire flow requirements. 7. "Blomquist Bridge" Improvements. The City and Developer agree that: (1) the Blomquist Bridge project shall include the Bridge Elements described in Section 4.0 above (collectively "Bridge Elements "), (2) a comprehensive and integrated design is needed to avoid duplicative and wasteful construction expense, and (3) City funds held in the Blomquist Bridge Fund (defined in Section 7.31 may be used for the construction of the Blomquist Bridge and /or any Bridge Element. Developer and City further agree that: (1) the City shall have responsibility for designing the Blomquist Bridge Improvements, (2) the City will consult with the Developer in the course of the City's design efforts, (3) the Developer shall pay its allocable share of the Blomquist Bridge Improvements at the time of certificate of occupancy issued by the City for each residential home, and the hotel and /or retail developer or developers shall pay the allocable shares for the hotel and retail components described in the Precise Plan upon the City's issuance of a building permit for same, and (4) the City shall determine the timing of construction of the Blomquist Bridge Improvements and shall contract for and oversee the construction of same. The Parties further acknowledge that the Developer has previously dedicated to the City a Public Utility Easement S:ATTY /AG R/2010.111/EXH I BIT3 9/28/10 6