TRANSPORTATION CORRIDOR AGENCY - FOOTHILL - EASTERN CORRIDOR

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recordation of final tract or parcel maps to identify the difference in the dollar amount between the estimated costs of the grading, improvements, and /or right -of -way, and the calculated fees. Such agreements will establish the amount of reimbursement for which the developer is entitled. A developer shall be entitled to reimbursement after acceptance of improvements by the applicable Agency to the extent major thoroughfare and bridge fees are available for reimbursement after satisfaction of all other obligations of the applicable Agency for which major thoroughfare and bridge fees are required. Satisfaction of such reimbursement obligations, however, in the event funds used to construct corridor facilities in excess of fee obligations are derived from Assessment District or Mello -Roos Community Facilities District bonds shall be made to such districts in a manner which will reduce the amount of such bonds in proportion to the reimbursement payment made by Agency. Except for the initial issuance and sale of bonds by Agency, repayment of all existing reimbursement agreement obligations by Agency shall be funded by any subsequent bond issue and satisfied upon receipt of bond proceeds. If the estimated costs of the grading, improvements, and /or excess right of way are less than the calculated fee, a developer may relinquish credits in lieu of paying fees until credits are fully utilized with the remainder of the fee to be collected prior to issuance of building permits. In the event a developee conditioned to construct transportation corridors reimbursement agreements issuance of any building boundaries. at not requiring subdivision is or grade portions of the or dedicate right -of -way, shall be executed prior to permits within the project Developers will be allowed to apply credits earned on one project to another project within the same Area of Benefit owned by the same developer. In the event title to the land of a project changes, credits can be transferred to another developer with the title to the land upon written notification to the appropriate legislative body and applicable Agency that is a party to the reimbursement agreement. Credits will otherwise be non - transferable from one developer to another. Credits can be used for the purpose of reducing fees prior to completion and acceptance of grading, improvements or right -of -way dedication. However, except as otherwise provided herein no reimbursements shall be made until all ISPA!