Water Impact Fee Credits Sample Clauses

Water Impact Fee Credits. The specific amount of Water Impact Fees will be determined based on the configuration of the individual units and the size of their corresponding water meters and, therefore, the precise amount of the Water Impact Fees cannot be finally determined at this time. The Parties agree, however, that in consideration of the Developer In Kind Contributions and, in particular, the water main upsizing work which shall be completed in all events by no later than issuance of the certificate of occupancy for the twentieth (20th) building, Developer shall be entitled to a credit against Water Impact Fees in the amount of $518,286. Notwithstanding anything to the contrary in the Municipal Code, the credit shall be applied against Water Impact Fees due until the entire credit amount is exhausted. The Water Impact Fees payable by Developer shall be calculated based on the amounts and rates in effect on the Effective Date; provided, however, those amounts and rates shall be increased on January 1, 2019, and on January 1st of each year thereafter during the Term by the Default Escalator. Once the above referenced credit amount is exhausted, the Water Impact Fee shall be paid in full by Developer at the time of building permit issuance for each residential unit.
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