Remedy for Exceeding PM Peak Hour Trip Generation Limit Sample Clauses

Remedy for Exceeding PM Peak Hour Trip Generation Limit. If the Project’s PM peak hour trip generation, as shown in the annual report, exceeds the applicable Trip Generation Limit, Developer shall submit a list of changes to the TDM Plan to the Planning Director for approval within 60 days of the submission of the annual report, with such approval not to be unreasonably withheld, conditioned or delayed. Upon approval of the requested changes, Developer shall have 30 days to implement the approved measures. Developer shall submit a follow-up monitoring report within 120 days following the implementation of the new measures. If the Project’s PM peak hour trip generation, as measured in the follow-up report, continues to exceed the Trip Generation Limit, then Developer shall pay to the City for each business day of non-compliance (inclusive of the business days during the days of non-compliance following implementation of the approved changes) a fine calculated by multiplying the number of PM peak hour trips exceeding the Trip Generation Limit by a penalty of $5.00 plus the average daily parking rate charged to all on-site users of the garage over the two-day monitoring period [Number of PM peak hour trips exceeding Trip Generation Limit x ($5.00 + average daily parking rate)]. The average daily parking rate shall be calculated by dividing the total parking revenue collected from on-site users (including all pro-rated on-site monthly parking users and excluding exclusively off-site users) on the monitoring days by the total number of vehicles entering and exiting the garage (excluding exclusively off-site users). The fine shall be used to fund the Transportation Demand Management Organization (TMO) established for the Downtown area. The fine shall cease upon Developer submitting two monitoring reports that are a minimum of 30 days apart that demonstrate PM peak hour trip generation at or below the Trip Generation Limit. Developer shall not be required to pay the fine for any business days following submittal of the first monitoring report demonstrating compliance provided the second follow-up report also demonstrates compliance with the applicable Trip Generation Limit. Failure to meet the applicable Trip Generation Limit shall not constitute a default under this Agreement so long as Developer is working cooperatively with the City to achieve compliance; provided, however, that failure to pay any fine that might be required under this Section 2.8.7(e)(1)(iv)(B) shall constitute a monetary Breach under Article 11 be...
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Related to Remedy for Exceeding PM Peak Hour Trip Generation Limit

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