Agenda - Council - 12/13/2016 - Laserfiche WebLink

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i i 2. Amendment and Restatement. This Agreement amends and restates the Original Development Contract in its entirety with the intent and legal effect that the amended and restated terms hereof shall replace the terms of the Original Development Contract. PERMITTEE shall have no obligations under the Original Development Contract except as expressly provided in this Agreement, the Assessment Agreement and the Maintenance Agreement 3. Assessment Agreement and Maintenance Agreement. All references in the Assessment Agreement or the Maintenance Agreement to the Original Development Contract are hereby amended to refer to the Original Development Contract, as amended and restated by this Agreement. Except as provided in the preceding sentence, the Assessment Agreement and the Maintenance Agreement shall remain in full force and effect. 4. Development Fees. The PERMITTEE or its successors in title to the Property is responsible for the repayment of certain development fees. Said fees were satisfied by, and are to repaid through, special assessments outlined in the Assessment Agreement. The CITY will release this section of this Agreement when the terms of the associated Assessment Agreement are completed. i. a. Park Dedication. The Plat is located in the CITY's Greenland Hills District. The CITY acknowledges that PERMITTEE has satisfied the park dedication requirement for Lot 1, Block 1 of the Plat by conveying to the CITY Outlot C of the Plat. b. Trail Development Fees. The current trail development fee is $1,090 per commercial acre. The amount due for Lot 1,Block 1 of the Plat is Fifty Eight Thousand Forty Three Dollars and No Cents ($1,090.00 x 64.26 acres= $70,043.00, less trail credit of$12,000 =$58,043.00). The acreage is based on a net developable acreage amount instead of a gross acreage amount. J PERMITTEE's obligations with respect thereto are provided in the Assessment Agreement, and the actual costs of trail construction of off-site trail improvements payable by PERMITTEE pursuant to the Assessment Agreement shall be credited against the trail development fee for the Plat. C. Water and Sanitary Sewer Connection(Trunk) Fees. The current water connection fee is $8,337 per acre. The current sanitary sewer connection fee is $3,824 per commercial acre. Based on the net acreage amount of 64.26 acres: the G total amount due on Lot 1, Block 1 of the Plat is Seven Hundred Eighty One Thousand Four Hundred Sixty Six Dollars and No Cents ([$8,337.00 x 64.26 acres] + [$3,824.00 x 64.26 acres] _$781,466.00). PERMITTEE's obligations with respect thereto are provided in the Assessment Agreement, and the actual costs of water and sanitary sewer trunk construction that is part of the Stage I City Improvements (as such term was defined in the Original Development Agreement)payable by PERMITTEE pursuant to the Assessment Agreement shall be credited against the water connection and sanitary sewer connection fees for the Plat. ALPHA DEVELOPMENT Amended Development Contract -2- 3351371x9