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DEVELOPMENT AGREEMENT - CEDAR HILLS <br /> <br />PARK DEDICATION <br /> <br /> 24. Joint Requirement. The parties acknowledge that the park <br />dedication requirement for Windemere Woods, Chestnut Hills and Cedar Hills shall <br />be calculated as if the three subdivisions constituted a single subdivision. The joint <br />park dedication requirement for the three subdivisions, developed in accordance <br />with the Phasing Plan, shall be satisfied as follows: <br /> <br /> (a) Land Conveyance. Before recording of the final Plat, the <br />developers of the respective subdivisions shall convey to the City by <br />warranty deed, the property designated for park dedication on the final Plat <br />of Windemere Woods, Cedar Hills and Chestnut Hills. Of the land so <br />conveyed, the City will accept 8.46 acres in satisfaeti6n of the joint park <br />dedication requirement. Such accepted acreage constitutes 56.97% of the <br />total )oint park dedication requirement. <br /> <br /> (b) 'Cash Payment. The remaining 43.03% of the joint park <br />dedication requirement shall be satisfied by a cash payment in the amount <br />of $57,23{], based on a fee of $500 per lot created (43.03% X $500 X 266 <br />total lots = $57,230). <br /> <br /> (c) Developers' Obligation. The City acknowledges that <br />conveyance of the Cedar Hills Portion as referenced in paragraph 24(a) shall <br />satisfy the Developer's park dedication obligation for all four Phases of the <br />Cedar Hills development under the Phasing Plan; provided, however, that <br />the final Plat (which constitutes Phase 1) shall not be recorded before <br />conveyance of all the property described in paragraph 24(a). The City <br />further acknowledges that the developers of Chestnut HHts and Windemere <br />Woods shall pay to the City the cash payment referenced in paragraph 24(b), <br />in accordance with the letter of understanding among ali three developers, <br />attached hereto as Schedule H ("Park Dedication Letter"). <br /> <br /> 25. Land PreDaration. Before the City accepts conveyance of land <br />described in paragraph 24(a), the following conditions shall be met: <br /> <br /> (a) 'the land shall be prepared for park development to the City's <br />satisfaction, including all filling or restoration of wetlands as directed by <br />the City or any other public body; and <br /> <br /> (b) the conveyor shall submit evidence satisfactory to the City <br />that the conveyor has obtained all necessary permits and approvals for <br />grading or filling. <br /> <br />12 <br /> <br />I <br />I <br />I <br />I <br />! <br /> <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />