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DEVELOPMENT AGREEMENT - WINDEMERE WOODS <br /> <br />of $57,230, based on a fee of $500 per lot created (43.03% X $500 X 266 <br />totaJ lots = $57,230), <br /> <br /> (e) Developers' Obligation. The City acknowledges that <br />conveyance of the Windemere Woods Portion as referenced in paragraph <br />24(a) shall satisfy part of the Developer's park dedication obligation for the <br />two Phases of the Windemere Woods development under the Phasing Plan; <br />provided, however, that the final Plat (which constitutes Phase I) shall not <br />be recorded before conveyance of all the property described in paragraph <br />24(a). <br /> <br /> tn addition, Developer and the developer of Chestnut Hills shall pay <br />the cash payment referenced in paragraph 24(b), in accordance with the <br />letter of understanding among all three developers, attached hereto as <br />Schedule H ("Park Dedication Letter"). The cash payment shall be paid on <br />the basis of $376.51/1ot ($57,230/152 lots in Windemere Woods and Chestnut <br />Hills combined), and .shall be due before recording of the plat for each <br />Phase. Thus, Developer shall pay to the City as follows: <br /> <br />$10,166 <br />$ 9,413 <br /> <br />Phase 1, the current Plat ($376.51 x 27 lots) <br />Phase 2 ($376.51 x 25 lots) <br /> <br /> The actual payment after Phase 1 is subject to adjustment for a <br />change in the number of lots. <br /> <br /> 25. Land Preparation. 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 wet lands 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 />TAX INCREMENT <br /> <br /> 26. Issuance of Note. In order to help finance the cost of the Trunk <br />Sanitary Sewer and Trunk Watermain portion of the Public Improvements, the City <br />shall, upon adoption of the assessment for such improvements, approve the <br />resolution attached as Schedule B and issue to the Developer the Note. The City <br />and the Developer agree that the consideration from the Developer for the <br />purchase of the Note shall consist of the Developer's agreement to guarantee <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br /> <br /> <br />