Agenda - Council - 09/13/2004 - Laserfiche WebLink

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will coUect the park and trail fees at the time the City approves a Secondary De:,elopmerxt ,5 ~r~ment fl0r a Phase or at such later time as established in tl~e City's Zoning Ordinance. Contemporaneously ,,,~th ~he Deveioper's conveyance of the Parkland to"d~e City, the C~q/shall ?ye Developer a credit of 5 , which credit the Developer ~ay apply towards the payment of park and trail fees due under the ~TC Controls in co~ection with the development of subsequent Phases. Upon the Developer's completion of each Parkland Phase, the Developer is enutled to an addiuonal credit against furore park and trail fees due and payable m cotmection with the development of subsequent Phases. Aaached hereto as Exhibit C is a schedule setting fo~h the amount of th~ park and trail fee credit due to ~he Developer in co~ecZloa with the Developer's completion of each Parkland Phase (each, an "Applicable Parkland Credit".). _5.2 TEViING OF P,~LL,Mq'D CP..EDIT TO DEVELOPER. The Developer st~all not be entitled to any Applicable Parkland Credit for a Parkland Phase until the Developer has completed the improvements for that Parkland Phase, as defined in the Parkland and Trail Plan, in accordan'~e with the Parkland and Trail Plan and the City has approved and accepted the improvements. 5.3 APPLICATION OF PAP, KLA~ 'CREDIT fN CO_MN'ECTION WITH PLAT A_PPROVAL. If the Developer does not have a sufficient credit balance pursuant to Section 5. I to offset all of the park and trail fees' due and payable pursuant to the RTC Controls with respect to a Phase at the time those fees are.due under the terms of Master A~eement but the Developer and the City believe Developer will have a sufficient credit balance upon the Developer's completion of one or more subsequent Parkland Phases, the City.will apply the remaining credit balance available under Section 5.1 toward the payment of the park. and trial fees due in connection with such Phase and will accept a letter of credit from the Developer in an amount equal to 100% of the balance of the park and trail fees due and payable under the terms of the N,TC Controls with respect to that Phase. The letter of credit must authorize the City to draw on the letter of credit if the City certifies to the letter of credit issuer that the Developer has not completed one or more Parkland Phases identified in the letter of credit on or before a date mutually agq'eed upon bs.' the City and the Developer and stated in .the letter of credit. ,amy letter of cr,zdit the Developer provides to the C:ity pursuant to the terms of this A=o-reement is deemed a "Letter of Credit" [br purposes of the Master Agreement and is subject to all of the provisions of the Master A.~eement relating to Letters of Credit including, but not limited to, Section 12.4.. 5.4 (OTHER LETTERS OF CPdEDIT. E;~cept as provided in Section 5.3 above; the City will aot require the Developer to provide the City with letters Of credit to secure the Developer's completion of the improvements the Developer is obligated to construct pursuant to Section 4.1 of this A~eement. ARTICLE '6 DEFAULTS O. [ The provisions of .'x.x-ticle 15 of the Master A~eement apPly, in all respects, to this .:"~n'eement._ al~d for Fq m-p.~,~o==-~ of said ,~"ricie ~_~ q, the parties' omi _~ations . Under this A~eement_ :.;hall be deemed ob[i~aUons~ under the Master ,==a m'~ement.~ The provisions ,<f~ Section iq_.l relating lo Let[ers of Credit shall apply to anv letter of credit Ge Developer provides to the City -341-