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equivalent to a major arterial highway is excluded from the estimate to maintain a <br />policy consistent with other arterial highway dedications. The cost of slope <br />easements is excluded because of the wide variations between the natural terrain <br />conditions and final development of adjacent lands, the inability to estimate the <br />easement areas with certainty, and for consistency with existing arterial development <br />policy. Right -of -way required to realign any intersecting arterial highway was also <br />excluded from the cost estimate on the assumption that it will be dedicated in <br />accordance with established development policy. The right -of -way to be included as <br />part of the corridor cost was assumed to have a value of $50,000 /acre, to be adjusted <br />by the Agency in accordance with the California Construction Cost Index, or other <br />comparable index selected by the Board. <br />A. SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR (SJHTC) <br />The originally estimated cost of constructing the SJHTC to the standard of <br />improvement as described in the previous section was based on the following <br />estimates prepared for the County during the Phase II SJHTC study work, to be <br />adjusted by the Agency in accordance with the California Construction Cost <br />Index, or other comparable index selected by the Board. <br />TABLE IV -1 <br />SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR COST <br />Construction: <br />$259,736,000 <br />Engineering & Admin.: <br />38,960,000 <br />Contingencies: <br />25,974,000 <br />Right Of Way (in excess of <br />Major Arterial Hwy): <br />16,990,000 <br />Total (for purposes of Fee <br />Program): <br />$341,660,000 <br />As of December 1990, the remaining cost of constructing the SJHTC, exclusive <br />of costs incurred to August 31, 1990, as estimated by Public Resources <br />Advisory Group ( "PRAG ") and as set forth in the "Transportation Corridor <br />Agencies Draft Final Report, Update of the Major Thoroughfare and Bridge Fee <br />Program for the San Joaquin Hills, Foothill and Eastern Transportation <br />Corridors, December 5, 1990" (the "Deloitte Report") was $746,920,000. <br />The Statement of Facts in Support of Findings of the Board of Directors of the <br />San Joaquin Hills Transportation Corridor Agency Regarding "Resolution of the <br />San Joaquin Hills Transportation Corridor Agency Approving an Annual <br />Adjustment in the Area of Benefit Fees and Making Certain Findings Related to <br />Annual Adjustment of the Area of Benefit Fees (S97 -05)" (the "1997 SJHTCA <br />223512_2.DOC <br />