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title to the land upon written notification to the appropriate legislative body and <br />applicable Agency that is a party to the reimbursement agreement. Credits will <br />otherwise be non- transferable from one developer to another. Credits can be used for <br />the purpose of reducing fees prior to completion and acceptance of grading, <br />improvements or right -of -way dedication. However, except as otherwise provided <br />herein, no reimbursements shall be made until all grading, improvements or <br />dedication are completed and accepted by the Agency and funds are available for <br />reimbursement as determined by the Agency. <br />The guidelines for determination of fee credits are as follows: <br />General <br />Credit for right -of -way dedication, grading, and other improvements will only <br />be given to the extent that the cost of such right -of -way or improvements are <br />included in the calculation of fees in the Major Thoroughfare and Bridge Fee <br />Program. <br />2. Right -of -Way <br />Credit will be given for right -of -way dedication at the rate of $50,000 per acre, <br />adjusted as hereinafter provided. As of June 12, 1997, the fee credit rate is <br />$61,981 per acre for the SJHTC, and $58,262 per acre for the F/ETC, except for <br />slope easements and a 120 - foot -wide strip along centerline of the transportation <br />corridor which would normally be required for arterial highway dedication (the <br />"Creditable Acreage "). Beginning July 1, 1998, and annually thereafter, the <br />foregoing fee credit rate for the SJHTC shall be increased by 2.667 %, and the <br />foregoing fee credit rate for the F /ETC shall be increased by 2.206 %, without <br />further actions by the Boards. Additional credit will be given for the Creditable <br />Acreage in the amount of the difference from time to time existing between <br />$75,000 and the then existing fee credit rates ( "Supplemental Credit'). <br />Notwithstanding the foregoing, Supplemental Credits may not be used by <br />developers to offset Development Fees until such time as the completed <br />Corridor is opened to traffic, and all rights to reimbursement arising out of <br />Supplemental Credits shall be subordinate to the liens of any holders of bonds <br />issued by the TCA. Beginning on the date the entire Corridor is opened to <br />traffic, interest on the value of the Supplemental Credits shall be calculated at <br />the co- mingled rate earned by the Orange County Treasurer on general funds. <br />Grading <br />Credit will be given for earthwork, road and slope drainage, buttressing, <br />stabilization, hydroseeding and erosion control within the right -of -way (hinge <br />point to hinge point) excluding slope and drainage easements in an amount to be <br />223512_2.DOC 30 <br />