South Street Monetary Obligation. In addition to obligations related to the Perimeter Roadway, Owner shall make a fee-in-lieu payment to the City Transportation Fund in the total amount of $1,982,800.00 (“South Street Monetary Obligation”) which represents the developer’s roughly proportional traffic impact in the TIA and in the BGE Financial Participation Analysis Memo dated April 18, 2022. The intent of the South Street Monetary Obligation is to contribute to the cost of constructing a new bridge across the railroad tracks in order to connect Lovers Lane to Xxxxxx Xxxxxx Xxxx Xx Street and Technology Drive by way of South Street (“South Street Improvements”). The South Street Improvements shall replace the required traffic mitigation previously identified in the TIA at the intersection of Lovers Lane and SH 71. The specific terms, conditions, and other provisions related to timing of the South Street Monetary Obligation shall be the subject of a separate infrastructure agreement. The South Street Monetary Obligation is contingent on negotiation and execution of a separate, related agreement with the City of Bastrop’s Bastrop Economic Development Corporation, as approved by the City Council.
South Street Monetary Obligation. The Owner shall make a fee-in-lieu payment toward the cost of constructing a new bridge across the railroad tracks in order to connect Lovers Lane to Xxxxxx Xxxxxx Xxxx Xx Street and Technology Drive by way of South Street (“South Street Improvements”) to the City Transportation Fund. The fee-in-lieu payment shall be in an amount equal to the Owner’s roughly proportional traffic impact on the South Street Improvements as determined at the time of construction of the South Street Improvements (“South Street Monetary Obligation”).
