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2006-416-2of2
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2006-416-2of2
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Last modified
9/1/2016 4:30:12 PM
Creation date
9/30/2015 10:24:07 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/12/2006
Control Number
2006-416
Agenda Item Number
9.A.1
Entity Name
Oslo 27, LLC (2 of 2)
Subject
Developers agreeement
Area
27TH. Avenue between 13th. St. SW and 17th. St. SW
Supplemental fields
SmeadsoftID
5985
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transportation impact fee credits. <br /> As provided in Exhibit "C", based upon current costs estimates, the anticipated total cost of the <br /> roadway improvements project is $4,356,000.00 . COUNTY and DEVELOPER agree that the roadway <br /> improvements project shall add an additional 198 trips to the capacity of the indicated segment of 27`h <br /> Avenue . Therefore each trip created by the roadway improvement project has a cost of $21 , 190 .08 . The <br /> number of additional trips associated with DEVELOPER' S SOUTHERN OAKS CENTER project is ten <br /> ( 10) trips. Thus DEVELOPER' S proportionate share of the roadway improvements project is <br /> $211 ,900 . 88 . <br /> B . Exhibit "C" is incorporated into this Agreement and by this reference is made a <br /> part hereof. DEVELOPER and COUNTY acknowledge and agree that the budgetary <br /> data contained in the Exhibit are only preliminary, approximate estimates of project costs. <br /> Actual costs and expenses associated with the roadway project cannot be ascertained until <br /> design, planning, right of way acquisition and competitive bidding elements are <br /> performed. As such, actual project costs may vary, perhaps significantly, from the <br /> estimated figures and actual project costs may be higher or lower than the indicated <br /> amounts. Notwithstanding the limitations expressed herein, the parties agree to adopt <br /> Exhibit "C" as an interim measure and governing basis for the calculation of <br /> proportionate share payment requirements associated with DEVELOPER' S SOUTHERN <br /> OAKS CENTER project, and also proportionate share payments required of other <br /> participating developers, as provided below. <br /> C. COUNTY and DEVELOPER agree that the measure of additional trips generated <br /> by the 27`h Avenue roadway improvement project described herein, the portion of said <br /> additional trips attributable to DEVELOPER' S project, DEVELOPER ' S proportionate <br /> share, and related impact fee credits shall be as provided in Exhibit "C", subject only to <br /> adjustment consistent with finalized actual project costs, as subsequently determined by <br /> the parties. <br /> D. Other parties seeking to implement proposed developments which impact the <br /> indicated roadway segment shall be permitted to pay their respective proportionate share <br /> of the roadway improvement project costs . Proportionate share(s) applicable to other <br /> participants shall be calculated and determined in the same fashion as provided in Exhibit <br /> "C". In each such instance, the number of additional trips which shall be assigned to a <br /> participant' s project shall be established by the COUNTY. <br /> E. All sums paid by participants shall be posted with and held by Escrow Agent, <br /> subject to release and disbursement to discharge roadway improvement project costs as <br /> provided below. Participants must actually post appropriate payments with Escrow <br /> Agent, and execute Proportionate Share Agreements in a form acceptable to COUNTY <br /> and DEVELOPER, as provided below, as a condition to project traffic concurrency <br /> vesting. <br /> F . At such time as actual roadway improvement project costs are fully determined, <br /> and in the event said project costs exceed those contained in Exhibit "C", participating <br /> parties shall be required to post additional sums with Escrow Agent consistent with actual <br /> final calculations of proportionate share payments . In the event actual project costs are <br /> determined to be less than those contained in Exhibit "C", excess Escrow Funds shall be <br /> returned to participants, apportioned consistent with participant responsibilities. <br /> G. DEVELOPER shall be primarily responsible to pay all roadway improvement <br /> 5 <br />
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