South 000xx Xxxxxx Sample Clauses

South 000xx Xxxxxx. The City has secured a Transportation Improvement Board (TIB) grant of $4 million for the construction of Segment 2 of the Transportation Gateway Project. This grant requires the construction of this segment be underway in the first quarter of 2013. To facilitate the City’s adherence to this schedule and to provide the necessary local match for the grant, the Port agrees to pay the City an advance in-lieu cash payment in the amount of $2.5 million, on or before January 31, 2013 instead of the $4,326,894 that would otherwise be due. In return, the City agrees that the requirement for the Port to provide frontage improvements along South 216th Street will be fully satisfied. The Port’s payment of $2.5 million, together with the in-lieu cash payment described in Section 11.2.3.2, is the basis for the Transportation Impact Fee waiver described in Section 11.3.
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