Sewer Fees, Storm Drain Fee and Traffic Fee Credit Sample Clauses

Sewer Fees, Storm Drain Fee and Traffic Fee Credit. Developer shall be entitled to receive Fee Credits for its obligation to pay the “Sewer”, “Storm Drain”, and “Traffic” components of the Public Facilities Impact Fee based upon Developer’s obligation to construct (the “Sewer Improvements”, the “Storm Drain Improvements”, the “Traffic Improvements”). City shall award Developer Fee Credits for the Sewer Improvements and/or Traffic Improvements upon City’s receipt of satisfactory documentation of any of the following: (i) the improvement is completed, (ii) land has been conveyed to and accepted by the City, (iii) funds for the improvement are in escrow, (iv) a construction contract for the improvement has been executed, or (v) a performance bond approved by the City Attorney has been posted to ensure completion. The City shall issue to Developer a written Fee Credit confirmation letter (the “Credit Confirmation Letter”), which shall specify the dollar value of the applicable Fee Credits. The dollar value of Fee Credits will increase pursuant to any ECI Adjustment on a quarterly basis. City shall maintain records of all Fee Credits included in Developer’s Credit Confirmation Letter(s). Each time an applicable Impact Fee is due, City shall determine if Developer has applicable Fee Credits available, and if so, City shall apply the Fee Credits against the Impact Fees due. If and to the extent applicable Fee Credits are exhausted, Impact Fees shall be calculated in accordance with Section 3.6.3
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