NITM definition
Examples of NITM in a sentence
Each of the Developer Parties shall include notice of the NITM Program obligations pursuant to this Agreement in each instrument conveying any portion of the Property to a developer, merchant builder or corporate or institutional purchaser of a portion of the Property.
The NITM Ordinance establishes a fee assigned to each “Future Development Area” (as that term is defined by the NITM Ordinance) covered by the NITM Program.
The City shall use the funds in the NITM Account, and all fees collected under the NITM Program, solely for the purposes authorized in the NITM Program.
Each of the Developer Parties agree that it shall pay the NITM fees as provided in the NITM Ordinance, including without limitation the fees required to be paid for each Future Development Area within the Parcel(s) owned by each of the Developer Parties under the terms and conditions of the NITM Ordinance.
All interest or other income earned by the funds in the NITM Account shall accrue and be deposited in such account.
The City has determined based upon a nexus fee study that the costs of the NITM Program are fairly apportioned to the Property included within the NITM Program as set forth in the NITM Ordinance, based upon calculations of average daily trips in a manner which has a nexus to, and is proportional to, the traffic which will be generated by all of the development contemplated in the Overlay Plan for the Property.
The City intends to enter into the “NITM Program Implementing Agreement” referenced in Section 5.2 above with the owners of the North Irvine Adjacent Lands to obtain from them the fees and improvements contemplated in the NITM Program.
The “NITM Program Implementing Agreement” is an agreement governed by the Development Agreement Statute, and provides that the owners and developers of the North Irvine Adjacent Lands will participate in the NITM Program.
The Developer Parties acknowledge that the City retains the discretion to judge the adequacy of traffic improvements and mitigation in the future, and that the City may exercise that discretion to update the NITM Program through future “Comprehensive Traffic Studies” as defined in and pursuant to the NITM Ordinance.
The Developer Parties acknowledge that the Property is subject to the terms and conditions of the NITM Program and that the Developer Parties shall participate in the NITM Program and perform the obligations required of each of them thereunder.