EXHIBIT B
GENERAL FUND IMPROVEMENT GRANT MATCHING TERM SHEET
$375,000 Due from the General Fund and Paid to Traffic Impact Fee Fund on Behalf of Cotati Station Apartments Project
Purpose The grant of fund proceeds shall be used exclusively for the purpose of matching city impact fees associated with the Cotati Station Apartment Project, in recognition of additional improvements to benefit the public, including street widening for fire access, additional parking adjacent to the Cotati SMART Train Station, a publicly accessible park, and 100% electric building construction.
Grantor The City General Fund (General Fund)
Grantee Cotati Station Apartment Project
Beneficiary The City Traffic Impact Fee Fund (Traffic Impact Fee Fund) Amount $375,000
Interest The principal balance related traffic impact fees of all building permits issued and deferred shall accrue interest equivalent to a fixed annual rate of
1.5% or the Local Agency Investment Fund Quarterly Apportionment rates, Compounded quarterly, whichever is greater.
Payments Quarterly payments will be made on behalf of the Grantee, by the Grantor to the Beneficiary Fund. Payments to begin on the next quarterly interval (Dec 31, March 31, June 30, Sept. 30), following the developers deferred payment of the impact fees. Payments are due within 30 days of the end of the quarter. Payments not received on time will continue to accrue interest on the remaining principal balance.
Payment Calculation The quarterly payments shall be based on the 5 Year Term Loan compounded quarterly based on the appropriate interest rate.
Maturity The grant of funds will be paid to the beneficiary fund in full no later than five (5) years after the developers deferred payment of the impact fees.
Payments may be extended, if needed, for up to two additional five-year periods if authorized by the City Council.
Prepayment Grantee has the right to fund part or the entire outstanding grant amount at any time without penalty.
Security Net Revenues of the General Fund (being total available revenues less maintenance and operation expenses)