Mitigation Payment for Off-Site Transportation Sample Clauses

Mitigation Payment for Off-Site Transportation. Improvements. To mitigate the direct traffic safety and congestion impacts of the Project, a voluntary payment shall be paid to the City (“the Transportation Mitigation Payment”) as set forth herein, to be used for design and construction of the Tokul Road Roundabout. $1,000,000 was paid by Gateway toward the design and construction of the Tokul Roundabout pursuant to the First Amendment. The City expended $570,000 on the design of the Tokul Roundabout and returned $430,000 to the MIT, in accordance with the Fourth Amendment. Thereafter, the MIT paid $1,607,555 to the City ($430,000 plus an additional $1,177,555) pursuant to the Fifth Amendment, leaving an additional $1,220,000 which the MIT shall pay to the City (less any other deductions provided for by this Agreement, and less SMV’s voluntary contribution of $250,000 provided for by SMV’s Development Agreement with the City). Therefore, the MIT shall pay an additional $270,000 to the City, as determined by the initially proposed payment of $1,220,000 minus the $250,000 SMV contribution, and minus the credit of $700,000, as per City Obligations, Section 17, herein, no later than seven (7) days following recording of this Agreement.
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Related to Mitigation Payment for Off-Site Transportation

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