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IX. DEFERRAL OF FEES <br />Fees may be deferred by the Parties for residential multi -unit rental projects or <br />projects which include State or Federal requirements to provide units affordable to <br />families with incomes less than 80% of the median income (Section VIII housing). <br />The deferral may be for a period of five years from the issuance of building permits or <br />the period of the State/Federal funding requirements beginning upon issuance of the <br />first building permit. The fees to be paid shall be those in effect at the time of <br />payment and shall be secured by an agreement and renewable letter of credit held by <br />an escrow company, or cash or time certificate of deposit in the amount of fees plus <br />IS percent in anticipation of inflationary increases. <br />X. CRITERIA FOR COLLECTION OF FEES <br />The enabling ordinance provides for collection of fees as a condition of final map <br />approval or issuance of building permits. Fees shall be collected prior to issuance of <br />all building permits for new residential structures and commercial /industrial <br />structures which establish new and enlarged floor space. Fees will not be required for <br />remodeling or reconstructing existing structures to the same number of residential <br />dwelling units or equal commercial building area. Fees will not be required for <br />construction of retaining walls, patio covers, swimming pools or other non- <br />inhabitable residential structures. <br />XI. DEVELOPMENT EXACTIONS & CREDITS <br />Development projects containing portions of transportation corridors within their <br />boundaries shall be required by condition of approval of the Cities or County Parties <br />to accomplish the following: <br />1. Dedicate right -of -way in accordance with schematic plans approved by the <br />applicable Agency. <br />2. Grade corridor right -of -way in accordance with schematic plans approved <br />by the applicable Agency and shown on the Tentative Tract Map and rough <br />grading plans. <br />3. Construct arterial overcrossings for internal arterials as determined by the <br />applicable Agency. Width of overcrossing structure (i.e., number of travel <br />lanes) is to be determined based upon vehicular and pedestrian traffic <br />generated by the proposed project. <br />4. Construct corridor travel lanes and interchange ramps required immediately <br />for access to proposed development or system continuity (closure or short <br />gaps) in accordance with the corridor construction phasing plan adopted by <br />223512_2.DOC 28 <br />