HomeMy WebLinkAboutReso 122-1988 RESOLUTION NO. 122-88
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE
CITY OF SOUTH SAN FRANCISCO AND WDT GATEWAY FOR
FUNDING THE OYSTER POINT SEPARATION
WHEREAS, Developer intends to develop that certain parcel of land located
at the southeast corner of Corporate Drive and Gateway Boulevard, (Parcel 3C);
and
WHEREAS, City has by Resolution No. 171-84, adopted a funding formula
for the payment of the cost of construction of the Oyster Point Separation;
and
WHEREAS, the Developer has obtained approval of a Precise Plan (PP-88-15)
for a commercial structure, and the approval includes a condition that Developer
contribute to the cost of construction of the Oyster Point Separation:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South
San Francisco that the Mayor is authorized to execute the Agreement entitled
"Agreement Between the City of South San Francisco and WDT Gateway For Funding
The Oyster Point Separation". A copy of the Agreement is attached as Exhibit "Z".
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at a
regular meeting held on the 28th day of September , 1988, by the
following vote:
AYES:
Councilmembers Mark N. Addiego, Richard A. Haffey, Gus Nicolopulos,
Roberta Cerri Teqlia, and Mayor Jack Drago
NOES: None
ABSTAIN: None
ABSENT:
None
EXHIBIT "Z" TO RESOLUTION NO. 122-88
AGREEMENT BETWEEN THE CITY OF SOUTH SAN FRANCISCO
AND WDT GATEWAY FOR FUNDING THE OYSTER POINT
SEPARATION
THIS AGREEMENT is dated September 28 , 1988 and is by and between
the City of South San Francisco (6ereinatter "City") and WDT Gateway, a California
limited partnership (hereinafter "Developer").
WHEREAS, Developer intends to develop that certain parcel of land located
at the northeast corner of Corporate Drive and Gateway (Parcel 3C) (hereinafter
the "Property"); and
WHEREAS, City has, by Resolution No. 71-84, adopted a funding formula for
the payment of the cost of construction of the Oyster Point Separation; and
WHEREAS, the Developer has obtained approval of a Precise Plan (PP-88-15)
for a commercial structure to be constructed on the Property, and approval
thereof includes among other things, a condition that Developer contribute to
the cost of construction of the Oyster Point Separation; and
WHEREAS, City and Developer now desire to enter into an Agreement to
provide the mechanics for Developer to fund Developer's share of the Oyster
Point Separation;
NOW, THEREFORE, the City and Developer agree as follows:
1. Definitions.
(a) The terms the "Project" or the "Property" mean the commercial
structureconstructed at the southeast corner of Corporate Drive and Gateway
Boulevard, South San Francisco, CA.
(b) The term "Developer" means WDT Gateway and includes any and all
of Developer's successors in interest or assigns of any description.
(c) The "Oyster Point Separation" means a proposed grade separation at
Oyster Point Boulevard and the Southern Pacific tracks, together with any related
freeway access and street improvement including, without limitation, the freeway
over-crossing, curbs, gutters, bicycle lanes, sidewalks, landscaping, signs and
signals, land acquisition, utility and storm drain relocations, environmental
assessments and reports, architecture and engineering.
(d) The "cost of construction of the Oyster Point Separation" means
the total cost of environmental studies, the total cost of construction, the
total cost of acquisition of lands and easements and all incidental costs and
contingencies thereto, including engineering, supervision and inspection as
incidental to construction and acquisition and including any financing costs,
such as bond discount, reserve fund, bond counsel fees and printing and
advertising costs, which arise from any bond financing necessary to provide
funds or repayment of funds for construction costs of the project.
(e) "ADT" means average daily trip generation oriented to or from
Highway 101, northbound~ southbound, or crossing Highway 101. The Project
ADT for each type of development in the Project shall be as set forth in
Exhibit I to Exhibit "A"j attached and incorporated.
(f) "Total Project ADT" means the total ADT generated by types and
densities of use on the Property for which final discretionary approval has
been granted by City.
(g) "Contribution" is the cash amount Developer is obligated to pay
based upon the formula contained in Exhibit "A", as applied to total Project
ADT.
2. Developer Contribution. Developer shall Contribute to the cost of the
Oyster Point Separation at a rate in accordance with the Oyster Point
Contribution Formula set forth in Exhibit "A". If, after this Agreement is
extended' the City should revise the formula such that Developer's required
contribution would be altered, Developer's participation in funding shall be
at the revised funding level.
3. Payment of Contribution.
(a) Developer shall pay Developer's Contribution for the Cost of
Construction at the Oyster Point Separation in cash at such time and in such
amounts as requested by City, except as to requests made pursuant to
subparagraph 3(c) and except as provided in subparagraph 3(f).
(b) Developer shall pay to City a cash sum of $131,716 prior to the
issuance of a building permit. This amount may be guaranted by a Letter of
Credit, subject to the approval of the City Attorney. However, if payment is
guaranteed by a Letter of Credit the sum shall be increased by 15[ to account
for inflation. The Letter of Credit amount is $155,000.
Upon Developer's payment of the above amounts, Developer will have
paid a contribution which is equal to the payment for Developer's total project
ADT of 767 at the date this Agreement is executed. In the event that Developer
obtains final discretionary approval for changes in the densities or types of
use authorized on the Property, then Developer's Contribution based upon total
Project ADT shall be adjusted in accordance with Exhibit "1" to Exhibit "A".
Thereafter, at any time prior to the completion of the Oyster Point Separation
and all associated transportation improvements, Developer shall, prior to the
issuance of a building permit for any building (or modification thereto) within
the project which generates ADT in excess of the Total Project ADT set forth
above~ pay its Cash Contribution based upon ADT for the building (or modification)
for which the permit is to be issued.
(c) Developer may, at its own election, secure its obligation pursuant
to subparagraph 3(b) above by posting with the City an unconditional letter of
credit substantially complying with the form shown in Exhibit "B", drawn only
upon "Acceptable Financial Institutions" as listed in Exhibit "C" in the amount
of all of Developer's cash contribution then due and unpaid times the Engineering
News Record Construction Cost Index for San Francisco at date of Cash Payment
divided by 5139.61 (i.e. Contribution X CCI = Amt. of Letter of Credit
b139.bl
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payable to City) Upon such a posting, Developer shall have met the prerequisite
of subparagraph ~(b) for the issuance of a building permit. Thereafter, Developer
shall, upon a request for funds pursuant to subparagraph 3(a) above, pay its cash
contribution into the Oyster Point Separation Fund within thirty (30) days of the
request.
(d) Construction of the Oyster Point Separation could proceed at such a
rate that funds will be needed for that improvement before Developer's Contribution
would otherwise be required hereunder. If that occurs the City shall request and
Developer shall pay in cash the full amount of Developer's Contribution based on
the Total Project ADT not already paid in cash.
Upon such request by City, Developer shall pay such amounts within
thirty (30) days of City's request therefor. In the event that City collects
Developer's Contribution pursuant to this subparagraph 3(d) and the Oyster Point
Separation is not physically under construction prior to December 31, 1993, City
shall refund all contributions made by Developer plus interest, if any, earned
thereon.
(e) All cash and letters of credit shall be held by the City in a special
fund, segregated from all general funds of the City, which shall be irrevocably
earmarked for the Cost of Construction of the Oyster Point Separation as herein
defined and for no other purpose or purposes whatsoever unless and until the
repayment provisions of Paragraph 4 of this Agreement are implemented. All
interest earned on cash within the Fund shall be credited to the Fund.
(f) City agrees to make any requests for cash pursuant to this
Paragraph 3 upon all developers who are required to contribute to the
Oyster Point Separation. Such request shall be made upon each developer in
an amount equal to the amount that the Developer's proportionate share of the
total Cost of Construction of the Oyster Point Separation bears to the total
request then being made. Nevertheless, City shall not be required to successfully
collect the contribuitons, and Developer's obligation under this Paragraph 3 to
pay its Contribution in a timely fashion shall not be affected by failure of the
City to collect the contributions of other developers. Upon City's request for
a cash Contribution by Developer, whether for Cost of Construction as contemplated
in subparagraph 3(a) above or for the full amount of the projected Contributions
by Developer as contemplated in subparagraph 3(d) above, processing of all
subdivision or parcel maps and of building permits and occupancy permits shall be
halted for development on the parcel or parcels owned by Developer until payment
of Developer's cash Contribution is received. City will pay an amount equal to
its proportionate share of the Cost of Construction of the Oyster Point Separation
at the same time that it expends Developer's proportionate share.
4. Refunds of Excess Payments. It is recognized that the City will make
every effort to secure maximum participation in the Oyster Point Separation
Project, and for greater state and/or federal contributions to the Oyster Point
Separation. Any funds collected in excess of those needed for the local share
contribution and interest on such excess funds shall be refunded to Developer
in accordance with the Oyster Point Separation Fund Repayment Formula detailed
in Exhibit "D", attached and incorporated.
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5. No Further Fees or Contributions. It is understood and agreed that the
obligation of Developer to contribute based upon Total Project ADT and to perform
other obligations expressed herein shall be the sole obligations of Developer or
any other owner of all or any portion of the Property with respect to the
construction of the Oyster Point Separation or any part thereof or with respect to
traffic mitigation at the Oyster Point/Southern Pacific/Highway lO1 intersections
as required by the intensity of development approved in the Use Permits and/or
Subdivision Maps approved prior to this Ageement except as provided in 3(b)
above. No other construction, payment of fees, or contribution or the like with
respect to the Oyster Point Separation or any part thereof shall be required of
Developer or any owner of any portion of the Property as a condition to or in
connection with issuance or approval of any subdivision map, parcel map, use
permit, building permit, occupancy permit, or any other permit approval or
authorization whatsoever.
Once the Oyster Point Separation and all associated transportation
improvements are built and paid for, Development's obligation to contribute to
the Oyster Point Separation shall terminate. Such participation termination
shall not apply to any future transportation projects that may be implemented
by the City Council.
6. Assignment:
(a) Developer may at any time or from time to time lease, sell or
otherwise transfer or assign (hereinafter "transfer") its rights, title or
interest in or to all or any portion of the Property. Immediately upon such
a transfer, Developer shall notify the City of the name and address of the
transferee and shall supply City with a signed original of the "Assignment."
(b) Notwithstanding the foregoing, Developer agrees that Developer
shall remain primarily liable for the Contribution due with respect to any lot
or parcel conveyed by Developer until the City receives the cash payment
contemplated in Paragraph 3 above, whereupon Developer's total obligation shall
be reduced by the ADT attributable to the cash payment.
Developer also specifically agrees that Developer shall pay, within
thirty (30) days of City's request, any and all cash contributions required as a
condition to issuance of a building permit for any building (or modification
thereto) the use of which will generate ADT on the Property in excess of 767
when prior to the completion of the Oyster Point Separation and all associated
transportation improvements, the building permit is requested for construction
or modification to a building on the Property owned by the Developer on the date
of this Agreement and subsequently conveyed by Developer by sale or lease or
otherwise.
7. Recordation. The City shall, upon execution, cause a copy of this
Agreement and any amendments to it or assignments of rights or responsibilities
hereunder to be recorded in the Office of the Recorder of the County of San Mateo
as a restrictive covenant upon the Property immediately upon its execution.
8. Notices. All notices required or permitted to be given hereunder shall
be in writing and deemed to be given and received when either personally delivered
or forty-eight (48) hours after deposit in the United States mail, postage prepaid,
certified or registered, return receipt requested, and addressed as follows:
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To Ctty:
Ctty C1 erk
P.O. Box 711
South San Francisco, CA 94083
To Developer:
WDT-Gateway
900 Welch Rd.j Suite 10
Palo Alto, CA. 94304
Atten: Managing General Partner
Each party by notice as herein provided may change such address for
purposes of subsequent notices.
9. Captions. The captions of articles, sections and paragraphs are for
convenience only and shall not affect the meaning of this Agreement.
10. Capitalized Terms: All capitalized items which are defined terms shall
have the meanings set torth in this Agreement.
11. Time.
Time is of the essence in this Agreement.
12. Governing Law: This Agreement shall be governed by the laws of the
State of Ca)itornia.
13. Invalidity or Illegality. If any provision, or portion of a provision
is adjudicated illegal or unenforceable, the remaining provisions, or portions
of such provisions, of this Agreement shall remain in full force and effect.
14. Attorney's Fees. In the event of any litigation to construe, interpret
or enforce this Agreement, the prevailing party shall be entitled to recover
reasonable attorneys' fees and costs in addition to other such relief as the
Court may award.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
WDT GATEWAY,
a California limited partneship
ornia corporation
Richard R. Dewey, Jr., President
ATTEST:
CITY OF SOUTH SAN FRANCISCO
a Municipal corpration
City Clerk
Mayor
APPROVED AS TO FORM:
C1 ty AttorneyL/
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OYSTER POINT CONTRIBUTION FORMULA
1. General Provisions:
Contributions shall be based upon weekday Average Daily Trip (ADT) generation
by various land uses as set forth in Exhibit i attached hereto and incorporated
herein by reference as though set forth verbatim.
Note:
(a) When ADT generation is based upon gross square foot-
age of a building, the gross square footage includes
the total floor area within the building shell, which
shall be computed by measuring to the inside finished
surface of permanent outer building walls. The gross
square footage of a building shall be the sum of the
square footage of all enclosed floors of the building,
including basements, mechanical equipment areas, corri-
dors and general support areas and the like. Gross
square footage shall not include first floor open lobby
area in excess of four hundred (400) square feet, atrium
openings which extend to floors above the atrium floor,
or Penthouses used exclusively to house mechanical equip-
ment. Credit may be given for ADT generated by uses pre-
viously existing on the parcel(s) proposed for development
if those previous uses were lawful and active within two (2)
years prior to the date and project proposal was accepted by
the City as a complete application.
2. Contribution Rate:
Engineering News Record Construction Cost Index
For San Francisco at date of Cash Payment Amount of
ADT x $154' x b139.bl** = Contribution
3. Methods of Payment:
(a) In most cases, payment or guarantees of payment shall be made prior
to issuance of building permits.
(b) In some cases (i.e. projects underway prior to adoption of the
formula contained herein) guaranteed delayed payment plans may be
approved by agreement with adequate surety. Delayed payment agreement
will be subject to adjustment in accordance with Engineering News Record
Index changes. In no case shall the per-trip contribution amount be less
than the $154 figure set forth above. Should the Engineering News Record
Index be discontinued, the formula provided above shall be converted
to any new or changed index which might replace said index.
*The $154 figure set forth above is based upon the total estimated
cost of the Oyster Point Separation divided by the projected total
ADT applicable to that project.
**July, 1983 Engineering News Record Construction Cost Index for
San Francisco.
EXHIBIT "A"
Land Use
Truck Terminal
General Industrial
Manufacturing
Warehousing
Hotel
Motel
General Office
Building
Research Center
Recreational Club
Dinner House
Restaurant
EXHIBIT I TO
OYSTER POINT CONTRIBUTION FORMULA
General Description
ADT
Trip Rate Per 1000'
Gross Square Feet
Facilities where goods are transferred
between trucks, trucks and railroads,
or trucks and airports.
9.86
Typical uses are printing plants, material
testing laboratories, assemblers of data
processing equipment, and power stations
which usually employ less than 500 emp-
loyees with an emphasis on uses other than
manufacturing.
5.46
Primary activity is the conversion of
materials or parts into finished products.
Facilities which are all or largely devoted
to storage of materials.
3.99
l)
4.50
Place of lodging which generally contains
one hundred (100) or more lodging rooms or
suites and which could include restaurants,
cocktail lounges, meeting rooms, banquet
rooms, and other retail and service shops
within the same building.
10.50 (Per Room)
Place of lodging which ordinarily contains
less than one hundred (100) rooms or suites
which could include a restaurant on the same
premises.
10.14 (Per Room)
Office building housing one or more tenants 12.30
and is the location where the affairs of a
business, commercial or industrial organization,
professional person or firm are conducted and
related support services.
Facilities or groups of facilities devoted
nearly exclusively to research and develop-
merit activities.
5.30
Privately owned facilities including tennis
courts, swinmning pools, racquet ball courts,
handball courts, and other minor gymnastic
facilities.
11.70
Eating establishments of high quality in
interior furnishings and food which generally
have a customer turnover rate of one hour or
longer and are not open 24 hours per day.
56.30
Page i of 3
Land Use
EXHIBIT 1 TO
OYSTER POINT CONTRIBUTION FORMULA
General Description
ADT
Trip Rate Per 1000'
Gross Square Feet
High Turn-over
Restaurant
Eating establishments which generally have
a customer turn-over rate of less than one
hour, including, but not limited to, coffee
shops, cafeterias and delicatessens.
164.40
Shopping Center
General Commercial
An integrated group of commercial est-
ablishments which is planned, developed
owned, and managed as a Unit:
Under 50,000 Gross Square Feet
50,000 Gross Square Feet and Greater
Establishments contained within freestand-
ing commercial buildings including strip
commercial buildings.
115.8
79.1
2)
48. O0
Banks and Savings
and Loan
Marina
Single Family Dwellings
Townhouses
Condominiums and
Apartments
Contain banks or savings and loan
facilities.
Public or private marina with some
having social activities scheduled
throughout the week.
74.00
1)
3.2/berth
3)
lO.O/unit
3)
9.O/unit
3)
5.0/unit
Except for general office buildings and banks and savings and loan use, all land
use listed above shall be calculated at the applicable primary land use rate not-
withstanding the fact that the use may include up to 25% of office use ancillalry
to the primary use. Office use exceeding 25% for a given structure shall be
computed~at the general use rate as set forth above. Any other uses in the same
structure shall be computed as a separate use of that structure.
The following typical example would apply to a 50,000 square foot industrial
building which contains 30% Office, 2% Delicatessen, 8% General Industrial and
60% Warehousing:
Average Trip Rate ADT
Square 1000 Sq. Ft. of Trip
Use Feet Gross Floor Area Generation
Office 2,500 (15,000-12,500)
Delicatessen 1,O00
General Industrial 4,000
Warehousing 42,500 (30,000+12,500)
12.30 92.25
164.40 164.40
5.46 21.84
4.50 191.25
40~.24
In this case, the total trip generation would be 409 trips per day.
* See next page Page 2 of 3
*For specific definitions of land use categories and data supporting trip generation
rates see "Trip Generation Second Edition - 1979" prepared by the Institute of
Transportation Engineers. A copy of this report~ Including use definitions and
variations of the above 11sted rates~ has been placed in the files of the Depart-
ment of Community Development, 400 Grand Avenue, South San Francisco, CA 94080.
1) A Traffic Impact Analysis of the Proposed Oyster Point Business Center; TJKM,
Transportation Consultant, Dec. 1981.
2) CALTRANS - 12th Progress Report on Trip Ends Generation Research Counts,
December, 1979.
3) Terrabay Development; Final Environmental Impact Report, August, 1982.
Page 3 of 3
EXHIBIT "B"
SAMPLE SAJ4PLE SAJ4PLE
Irrevocable Letter of Credit
No. Date:
Amount
TO: CITY OF SOUTH SAN FRANCISCO
Gentlemen:
We hereby authorize you to draw on
at sight for account of
SAMPLE
Name ot Bank and Branch Location
Name and Address of Developer
times the Engineering News Record Con-
up to an aggregate amount of
struction Cost Index for San Francisco at date of Cash Payment divided by 5139.61
CCI
(i.e. Construction X 5139.61 = Amt. of Letter of Credit payable to City).
Drafts to be accompanied by:
The original of this Letter of Credit and its amendments, if any.
We are informed that this Letter of Credit is issued to guarantee a
portion of Developer's required Contribution of the Cost of Construction
of the Oyster Point Separation as Defined in an Agreement entitled
"Agreement for Funding Oyster Point Separation" entered into by and
between Developer and the City of South San Francisco and dated
Drafts drawn hereunder must specifically mention the number and date of this
Letter of Credit.
The amount of each draft negotiatedj together with the date of negotiation,
must be entered on the reverse side of this Letter of Credit.
We hereby agree with you that the drafts drawn under and in accordance with the
terms of this credit shall be duty honored upon presentation to the drawee on or
before .
uate
Signatures
ACCEPTABLE FINANCIAL INSTITUTIONS FOR INVESTMENT
United States:
Bank of America
Bank of Boston
Citibank
Chase Manhattan Bank
Manufacturers Hanover Trust
Morgan Guaranty Trust
Chemical Bank
Continental Illinois
Bankers Trust
First National Bank of Chicago
Security Pacific National Bank
Wells Fargo Bank
Crocker National Bank
First Interstate Bank of California
Mellon Bank
Seattle First National Bank
Republic National Bank, Dallas
Harris Trust Company
Texas Commerce Bank
Northern Trust
Rainier National Bank
Pittsburgh National Bank
Ameritrust
First National Bank of Boston
U.S. National Bank of Portland
Northwest Bancorp
First International Bancorp
First Bank System
First City Bancorp
National Detroit
Bank of New York
European American Bank
North Carolina National Bank
Union Bank
Philadelphia National Bank
Southeast Banking Corp.
Valley National Bank of Arizona
Detroit Bank Corp.
Wachovia Corp.
National City Corp.
Mercantile Texas Corp.
Note
The institutions listed are taken from the fifty largest U.S. banks by assets.
Only those U.S. banking institutions listed above having California offices are
acceptable institutions.
EXHIBIT "C"
Page 1 of 3
France:
Banque National de Paris
Credit Agricole Mutuel
Credit Lyonnais
Societe Generale
Germany:
Deutsche Bank
Dresdner Bank
Westdeutsche Landesbank
Commerzbank
Bayerische Landesbank
Bayerische Vereinsbank
Bayerische Hypotheken und Wechsel Bank
Great Britain:
National Westminister Bank
Barclays Bank
Midland Bank
Lloyd Bank
Japan:
Dai-Ichi Kangyo Bank
Norinchukin Bank
Fuji Bank
Sumitomo Bank
Mitsubishi Bank
Sanwa Bank
Industrial Bank of Japan
Long-Term Credit Bank of Japan
Tokai Bank
Bank of Tokyo
Mitsui Bank
The Netherlands:
Rabobank Nederland
Alegmene Bank Mederland
Amsterdam-Rotterdam Bank
Page 2 of 3
OYSTER POINT SEPARATION FUND REPAYMENT FORMULA
Any funds collected in excess of those needed for the local share of the Cost of
Construction of the Oyster Point Separation shall be refunded to Developers in
the same proportion that the ADT of their particular project bore to the Total
ADT upon which the total contributions by all developers to the Oyster Point
Separation project were based. Refunds to be made shall be determined in accord-
ance with the procedure outlined on Page 2 of this exhibit setting forth examples
of payment refunds. Refunds, if any are to be made, shall be made on a date not
later than five years and two months after final acceptance by City of the work
to construct the Oyster Point Separation.
In the absence of excess payments toward the principal of the project, no refund
will be made for interest earned on such payments; such interest will be applied
to the Agency's share and will be reimbursed to the Agency. If the net local
share exceeds total payments into the principal of the fund, there will be no
repayment to Developers unless additional payments made by other Developers follow-
ing the date of project completion bring total payments to a level exceeding the
local share.
EXHIBIT "D"
Page i of 2
EXAMPLES OF PAYMENT REFUNDS
ASSUMPTIONS
1
Project
ADT
2 3
Total % Pmt. Repaid
Payments Project ADT
divided by
total ADT
4
Amount of Repayment*
$1,380,000 x COL. 3
Developer "A" 37,000 ( 1 )
Developer "B" 4,000
Developer "C" 3,750
Developer "D" 12,000
Developer "E" 7,000
Redevelopment Agency
(Including Future) 40,000(1 )
$3,800,000 .357 $492,660
650,000 .039 53,820
600,000 .036 49,680
1,900,000 .116 160,080
1,100,000 .067 92,460
2,500,000 .385 531,300
TOTALS 103,750 9,750,000 1.000 $1,380,000
Note (1) - After adjustment for contributions to East Grand Avenue Overpass at
the rate of $154 per trip
Example #1 - Assumes net local share cost =
Assumes total interest earnings =
Total excess payments = $1,250,000)
Total excess interest = 130,000)
$8,500,000
1,000,000
1,380,000
*Repayment calculated by mutliplying
excess payment and interest costs by
% of ADT in Column 3 (amount in this
example shown in Column 4 above).
Example #2
Assumes net local share cost : $10,750,000
Total interest earnings : 1,250,000
Total excess payments : 0
Total excess interest: 250,000
(Note: In the absence of excess payments no
repayment will be made and excess interest
will be applied to agency share of future
contributions.)
Example #3
Assumes net local share cost = $12,000,000,
Assumes total interest earnings : 1,250,000
Total excess payments : 0
Total excess interest 0
(Note: Because net local share exceeds total
Payments will be no repayment to developers
unless more than $1,000,000 in additional pay-
ments are made by other developers following
date of project completion.)
Page 2 of 2