Bay Street Connector Sample Clauses

Bay Street Connector. The 2013 Agreement included an obligation of the City to design and construct the Commercial Street Bridge as a Facility required to allow additional new development within the Waterfront District as contemplated in the 2013 Sub-area Plan and Planned Action Ordinance. The Commercial Street Bridge was estimated to cost $33,200,000 in 2013. The City’s financial obligation for the Bay Street Connector shall be no more than $33,200,000 adjusted for inflation using Seattle-Tacoma-Bellevue CPI-U measured from the date of the 2013 Agreement to the date that New Development has reached 1,000,000 square feet. (the “CSB Financial Commitment”). The CSB Financial Commitment is subject to Section 16 of the Agreement. The 2019 Sub-area Plan Amendment (as depicted in Exhibit G) envisions the Bay Street Connector (as it appears in the 2019 Sub-area Plan Amendment) will be part of an integrated structure that (i) will provide vehicle, bicycle and pedestrian access (ii) will function as foundations and parking structures for the development of the adjacent properties and (iii) will provide the additional transportation infrastructure and therefore replace the need for the Commercial Street Bridge. The Bay Street Connector will require a cooperative public-private partnership to achieve the integrated development.