TRANSPORTATION CORRIDORY AGENCY - PUBLIC HEARING NOTICE - EST 1986

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a NOW, THEREFORE, BE IT RESOLVED as follows: SECTION 1. The boundaries of the areas of benefit shall be described in the document dated July 1985 entitled "Major Thoroughfare and Bridge Fee Program for the San Joaquin Hills Transportation Corridor and the Foothill /Eastern Transportation Corridors" ( "Program ") attached hereto as Exhibit "p" and incorporated by reference herein. G SECTION 2. The estimated cost of these major thoroughfares and bricces are as follows: San Joaquin Hills Transportation Corridor $341,660,000.00 Foothill /Eastern Transportation Corridor $516,147,000.00 The Program is presently designed to collect 48.48 of the cost of construction of the San Joaquin Hills Transportation Corridor and 48.5% of the cost of construction of the Foothill /Eastern Transportation Corridors. SECTION 3. The fees for development within the areas of benefit are based on the trip ends generated by the development as determined from the Trip Generation Tables included in the Program and shall be assessed upon new development based upon the number of dwelling units included in the development (for residential projects) or the gross square footage of the development (for non - residential projects) in those amounts as set forth in the Area of Benefit Fee Table included in the Program. SECTION 4. An automatic adjustment of the fees, based upon the Construction Cost Index, shall be made each fiscal year commencing in fiscal year 1986 -1987. An adjustment of the fee based upon updated project cost estimates or other changed conditions shall be made in lieu of the Annual Cost Index Adjustment when necessary. SECTION 5. The collection of the fee shall be a condition of issuance of a building permit as described in the Program. The payment of fees may be deferred for all residential rental projects :or projects which include State or Federal requirements to provide units affordable to families with incomes less than 8'0% of the median income for those time periods and subject to those terms and conditions set forth in Section IX of the Program. Fee credits shall be granted for dedications and work performed for the corridors as set forth in Section XI of the Program. SECTION 6. In the event the City executes the "Joint Exercise of Powers Agreement Creating the San Joaquin Hills Transportation Corridor Agency" and /or the "Joint Exercise of Powers Agreement Creating the Foothill /Eastern Transportation Corridor Agency" ( "Agreements "), upon the effective date of said Agreements, the City shall remit all fees collected pursuant to the Program to the Joint Powers Agencies created by said 2.