RecDoc 2013-166544 - Laserfiche WebLink

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Property (the "Bus Shelter Contribution"). Commencing on the second anniversary of the Effective Date, the Bus Shelter Contribution shall be increased annually based on increases in the ENR Index over the priar one-year period. 3.5.1 Payment. Except as otherwise provided in Section 1.3.2 above, Developer shall pay the Bus Shelter Contribution to City in one lump sum payment prior to issuance of any building permit that would result in the Total Gross Building Area exceeding 1 million square feet. 3.5.2 Use of Funds. The Bus Shelter Contribution shall be used to fund specific bus shelter improvements within a one-half mile radius of the Property selected by the City in consultation with the San Mateo County Transit District and Developer. 3.6 Water Tank Improvements. Developer shall contribute $1,500,000 toward the cost of an emergency water supply tank that will serve the Project as well as other properties (the "Water Tank Contribution"). Commencing on the first anniversary of the Effective Date, the Water Tank Contribution shall be increased annually based on increases in the ENR Index over the prior one-year period. 3.6.1 PaYment. Except as otherwise provided in Section 1.3.2 above, the Water Tank Contribution shall be paid to City proportionately at the time of building permit issuance based on the ratio of the Net New Development added by the development subject to the building permit compared to the total 982,000 square feet of net new development anticipated on the Property. Notwithstanding the foregoing, the entire remaining Water Tank Contribution, plus ENR Index increases, shall be due and payable to City in one lump sum payment no later than issuance of the building permit(s) which would cause the Total Gross Building Area to exceed 1.3 million square feet. The Water Tank Contribution shall constitute Developer's full payment toward the emergency water supply tank, and the City shall not require Developer to pay any amount toward the emergency water supply tank in addition to the amount identified in this Section 3.6.1. 3.7 Storm Water Im�rovements. Developer shall contribute $1,000,000 toward the cost of storm water improvements to ameliorate the existing flooding conditions due to the Property's location in the Douglas drainage basin (the "Storm Water Contribution"). 3.7.1 Payment. Developer shall pay City the full amount of the Storm Water Contribution within 30 days of the Effective Date. 3.7.2 Use of Funds. City shall expend, encumber, or contractually commit to expend the Storm Water Contribution to ameliorate the existing flooding conditions in the Douglas drainage basin on or before the seventh anniversary of the Effective Date. If it appears that City has failed or will fail to expend, encumber, or contractually commit the funds by such date, Developer may provide written notice to City demanding that the funds be so expended, encumbered or contractually committed within 120 days following the date of Developer's notice. If City fails to expend, encumber, or contractually commit the funds by such date, any portion of the Storm Water Contribution which has not been so expended, encumbered or contractually committed shall be returned by City to Developer. 23 ATI'Y/AGR/2013.134/STANFORD DEVELOPMENT AGREEMENT REV: 08-14-13 PT