Payment in Lieu of Improvements to Other Intersections Sample Clauses

Payment in Lieu of Improvements to Other Intersections. The Properties' Total Proportionate Share of trips through the other six intersections will contribute to the eventual need for improvements to these other off-site intersections but will contribute lower percentages of the total estimated trips. See Kittelson Study. The Kittelson Study estimated the total cost of necessary improvements at these intersections/roundabouts at buildout, calculated based on the estimated cost at the time of this Agreement. The Owners' Total Proportionate Share of this cost is $1,400,000. In lieu of requiring the Owners to construct or pay costs toward construction of these intersections, NWX2, Rio Lobo (for the benefit of the Rio Lobo Tract 1 property), and Xxxxxxxx Ranch will make payments to the City in the total amount of $1,400,000. NWX2 will pay $987,404, Xxxxxxxx Ranch will pay $186,205, and Rio Lobo will pay $226,391. The payments will be due within 30 days after the date that this Agreement becomes final, including resolution of any appeals. If NWX2, Xxxxxxxx Ranch, and/or Rio Lobo do not pay these amounts by the deadline in this section, the City may in its sole discretion impose a lien or liens on property owned by the delinquent Party in an amount not to exceed the proportionate share due by the delinquent Party. Such lien or liens shall be entered on the City lien docket and shall bear interest at the rate of 9 percent per year. The City may foreclose the lien in any manner authorized by law. The City may expend these funds on any transportation improvement or improvements that it deems to be in the best interests of the City.
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Related to Payment in Lieu of Improvements to Other Intersections

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