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 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 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 installation of a public street (40th Ave. NE). The agreed upon amount which would otherwise be due and payable for Transportation Impact Fees is $ 1,178,707.00, which both parties agree are reasonable.

Use of Traffic Impact Fees for Street Construction. The City and Developer hereby agree that the Development 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 Fees, the Developer should developer will receive a credit for the dedication of fee simple property for public Right of Way purposes, and for the cost of construction for the installation of a public street (40th Ave. NE)identified Transportation Improvements. The agreed upon amount which would otherwise be due and payable for Transportation Impact Fees is $ 1,178,707.00, which estimated to be $228,140.00,which both parties agree are reasonable.