Agenda - Council - 05/14/1991 - Laserfiche WebLink

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I I '1 I I I I I I I I I I I I I I I I DEVELOPMENT AGREEMENT - WINDEMERE WOODS Vie PLAT SI'AGING 22. Phasing Plan. The parties acknowledge that the Subject Property will be developed in coordination with three other properties, as described in Schedule D ("Chestnut Hills"); Schedule E ("Cedar Hills"); and Schedule F ("Chestnut Pond"). The developers of all four properties have mutually agreed to a plan of development for these properties, attached hereto as Schedule G ("Phasing Plan"). The current Plat of the Subject Property constitutes the Wind, mere Woods portion of Phase 1, as referenced in the Phasing Plan. Developer shall complete development of the Subject Property by replatting to develop Phase 2 as specified in the Phasing Plan. 23. Public Improvements. At the time of replatting for Phase 2, Developer shall petition for Stage I Improvements (other than Sanitary and Watermain Trunks) related to that Phase. Developer shall provide a letter of credit related to such costs under the same terms and conditions as specified in paragraph 8 herein, and shall execute an Assessment Agreement substantially similar to Schedule A herein, under which Developer will agree to pay special assessments for additional Stage I Improvements. The City, at its sole discretion, may determine not to proceed with Stage I Improvements related to Phase 2 unless and until the City receives letters of credit for Stage I Improvements related to all Phase 2 developments specified in the Phasing Plan. PARK DEDICATION 24. Joint Requirement. The parties acknowledge that the park dedication requirement for Wind,mere Woods, Chestnut Hills and Cedar Hills shall be calculated as if the three subdivisions constituted a single subdivision. The joint park dedication requirement for the three subdivisions, developed in accordance with the Phasing Plan, shall be satisfied, as follows: (a) Land Conveyance. Before recording of the final Plat, the developers of the respective subdivisions shall convey to the City by warranty deed, the property designated for park dedication on the final Plat of Wind,mere Woods, Cedar Hills and Chestnut Hills. Of the land so conveyed, the City will accept 8.46 acres in satisfaction of the joint park dedication requirement. Such accepted acreage constitutes 56.97% of the total joint park dedication requirement. (b) Cash Payment. The remaining 43.03% of the joint park dedication requirement shall be satisfied by a cash payment in the amount 11