3003 W CASINO RD 1990 BASE FILE 2018-01-01 MF Import

VI. ��TIGATTON OF OFFSITE TRANSPORTATION I11�ACTS A. PAl'MENT STRATEGY AND PROViSIONS (i.acd �d Shomline Uae: Traneporution: Interim TraHio Mitig�tian Ordinance No. N1670-89,u uneaded; Eaergy�nd Nrtunl Raourceal The miugation set forth in this section for impaccc associated with growth in site populadon from the 1978 EIS projectcd level of 18,550 to the 1995 proposed level of 33,500. The total cost for such transpottation mitigadon is 546,107,698, of an overall estima[ed cost of 5188.35 miilion ; for area improvemenn. Thia mitigadon includee the cost of 10 busea and 80 van� to be ' purchased and owned by Bceing but to be operated by the vansit agencies. �titigauon requirements are based upon the general and specific policies canrained in Ordinance No• 13�18-87. The general and specific nolicies aze attached to this Document and arc incorporated herein by reference. The specitic SEPA policics which serve as the basis ior imposmg mitigapon requirements are �denuticd at the outset of each miugauon requircment set tonh in this Decision. An iniaal payment of S20 miluon will be paid to the City on ar before September l, 1991. Three subsequent annual paymenu will be due and payable to the City in the amoants of 510 million; 310 million; and 53,060,000, with an interest rate of seven and one-half percent (7-1/296), compounded annually and commencing on September I, 1991. All payments shall be in U.S, dollazs. Payments including principal and interest �re as follows: The payment amounts which are due to the City on September 1 of each year, 199I to 1994, «�ill be: l. On or before September 1, 1991, s payment in the amount of 320,000.000; :. On or before September 1, 1992, a payment in the amount of 510,750,000; 3. On or before September 1, 1993, a payment in the amount of 511,556,250; and �. On or before September 1, 1994, a payment in the amount of E3,801,428. [n the event Bceing fails to makc any one of the payments az set forth previously the remaining principal balance plus acecued interest at seven and one-half penent (7-1/240) per annum will become imm�iately due and payable. The City may institute whatever legal action it deems necessary t� collect said monies. Purther, the City may implement whatever enforcement mechanisms it deems necessary, including but not limited to the withholding of building and occupancy per►nits, imposition of stop work orders and the suspension or revocation of any building permits issued subject to the provisions of this Document. 35