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22 (a) Boat Launch: A credit against the applicable Park Facilities Development Impact Fee, in an amount equal to the actual cost incurred by Developer for materials and labor (including costs of third party consultants and contractors), plans, and permit and other fees charged by government agencies other than City, for applicable underground improvements and surface improvements required for the restoration of the area from which the boat launch is being removed. (b) Hotel Promenade and Multifamily Promenade: A credit against the applicable Park Facilities Development Impact Fee, in an amount equal to the actual cost incurred by Developer for materials and labor (including costs of third party consultants and contractors), plans, and permit and other fees charged by government agencies other than City, for applicable underground improvements and surface improvements required for construction of the Hotel Promenade and Multifamily Promenade. (c) Park Element Parking Lot and Western Portion of Mulford Point Drive: A credit against the applicable Park Facilities Development Impact Fee, in an amount equal to half (50%) of the actual cost incurred by Developer for materials and labor (including costs of third party consultants and contractors), plans, and permit and other fees charged by government agencies other than City, for any required underground improvements and surface improvements required for construction of the western portion of Mulford Point Drive and the Park Element parking lot. (d) Monarch Bay Drive: A credit against the applicable Development Fee for Street Improvements, in an amount equal to the actual cost incurred by Developer for materials and labor (including costs of third party consultants and contractors), plans, and permit and other fees charged by government agencies other than City, for any required underground improvements and surface improvements to the western half of Monarch Bay Drive that directly abuts the existing Horatio’s Restaurant and Marina Inn Hotel. 3.26. Timing of Development. The California Supreme Court held in Pardee Construction Co. v. City of Camarillo, 37 Cal.3d 465 (1984), that the failure of the parties therein to provide for the timing of development resulted in a later-adopted initiative restricting the timing of development to prevail over the parties’ agreement. Accordingly, it is the Parties’ intent to cure that deficiency by acknowledging and providing that, subject to any timing requirements in the DDA, DDA Schedule of Performance, and DDA Implementation Agreements, and any infrastructure phasing requirements that may be required by the Project Approvals, and subject to certain approvals required for issuance of a Certificate of Occupancy, Developer shall have the right (without obligation) to develop the Developer Acquired Property in such order and at such rate and at such times as Developer deems appropriate within the exercise of its subjective business judgment. 3.27. Transportation Demand Management (TDM). In accordance with Section 1.4.16 of the DDA and Mitigation Measure TRAF-2A of the MMRP, Developer agrees to implement the approved TDM Program to reduce vehicle trips generated by the Project. Prior to the issuance of Building Permits, the Developer and City shall agree to Transportation Demand Management (“TDM”) measures for the Developer Elements with a trip reduction goal of 10% for daily trips and 20% for peak-hour trips. Measures shall include, at a minimum, a shuttle