Menlo Park Shuttle Fee Program Sample Clauses

Menlo Park Shuttle Fee Program. The SUMC Parties shall to the City of Menlo Park fees to Menlo Park’s shuttle fee program or any successor program, based on Net New Square Footage in excess of Right-Sizing Square Footage, in accordance with the formula set forth below. In no event shall the SUMC Parties’ aggregate annual payment to Menlo Park for the shuttle fee program exceed Forty Six Thousand Three Hundred Forty Dollars ($46,340) per annum. (1) The shuttle fees shall be paid in Annual Payments to the City of Menlo Park for each occupied Net New Square Footage in excess of Right-Sizing Square Footage, beginning within Thirty (30) days from of the date of issuance of an Occupancy Permit for the building, and continuing for the Life Of The Project. (2) The amounts payable pursuant to this Section 5(c)(ii)(C)(2) shall be calculated as follows: Total Net New Square Footage for SHC facilities to be constructed is Eight Hundred Twenty Three Thousand Seven Hundred Seventy Two (823,772) square feet, of which Three Hundred Twenty Thousand (320,000) square feet is allocable to Right-Sizing. Therefore, SHC shall pay Menlo Park shuttle fees in the amount of Five and Thirty Six Hundredths Cents ($0.0536) per square foot for each Net New Square Footage of SHC facilities in excess of Three Hundred Twenty Thousand (320,000) square feet. Total Net New Square Footage for LPCH facilities to be constructed is Four Hundred One Thousand Five Hundred (441,500) Net New Square Footage, of which One Hundred Twenty Six Thousand (126,000) is for Right-Sizing. Therefore, LPCH shall pay to Menlo Park shuttle fees in the amount of Five and Thirty Six Hundredths Cents ($0.0536) per square foot for each Net New Square Footage of LPCH facilities in excess of One Hundred Twenty Six Thousand (126,000) square feet. The SUMC Parties shall pay Menlo Park shuttle fees in the amount of Five and Thirty Six Hundredths Cents ($0.0536) per square foot for each Net New Square Footage of medical office space constructed at the Xxxxxx Pavilion site.
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