Common use of Use of Traffic Impact Fees for Street Construction Clause in Contracts

Use of Traffic Impact Fees for Street Construction. The City and Developer hereby agree that the development of all lots within the Unit Lot Subdivision will require the payment of Transportation Impact Fees pursuant to AMC Chapter 20.90. The City agrees that in lieu of payment of the full amount of Transportation Impact Fees, the developer will receive a credit for the cost of construction for the identified Transportation Improvements. The agreed upon amount which would otherwise be due and payable for Transportation Impact Fees is estimated to be $228,140.00,which both parties agree are reasonable.

Use of Traffic Impact Fees for Street Construction. The City and Developer hereby agree that the development of all lots within the Unit Lot Subdivision Development will require the payment of Transportation Impact Fees pursuant to AMC Chapter 20.90. The City agrees that in lieu of payment of the full amount of Transportation Impact Fees, Fees the developer will Developer should receive a credit for the dedication of fee simple property for public Right of Way purposes, and for the cost of construction for the identified Transportation Improvementsinstallation of a public street (40th Ave. NE). The agreed upon amount which would otherwise be due and payable for Transportation Impact Fees is estimated to be $228,140.00,which $ 1,178,707.00, which both parties agree are reasonable.