Agenda - Council - 11/09/2004 - Laserfiche WebLink

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construct on each parcel of the Parkland and establishes the construction commencement date and construction completion date for each phase of those improvements (each a "Parkland Phase", and collectively, the "Parkland Phases"). Subject to "Force Majeure," the Developer is obligated to commence and complete the construction of the improvements for each Parkland Phase on or before the applicable construction commencement and construction completion date established for such Parkland Phase in the Parkland and Trail Plan. For purposes of this Section 4.1, the term "Force Majeure" has the meaning set forth in Section 2.1(aa) of the Master Agreement. The Developer's defense and indemnification obligations under Article 13 of the Master Agreement apply to the Developer's construction of the improvements described in the Park and Trail Plan and apply to the Developer's failure to perform any obligation this Agreement imposes upon the Developer. 5.2 DEVELOPER CONSTRUCTION OBLIGATION. The Developer is obligated to construct the Parkland Improvements identified on Exhibit B AND Developer is obligated to expend a minimum of $4,219,144.00 on the Parkland Improvements notwithstanding that the cost of said Parkland Improvements may exceed $4,219,144.00. ARTICLE 5 ARTICLE 5 CREDIT FOR PARKLAND AND PARKLAND IMPROVEMENTS AGAINST THE CITY'S PARK DEDICATION REQUIREMENTS ,.46.1 CREDIT FOR SUBSEQUENT PARKLAND IMPROVEMENTS AGAINST THE CITY'S PARKLAND DEDICATION REQUIREMENTS. As stated in Section 4.12 of the Master Agreement, the RTC Controls require the payment of park and trail fees in connection with the Development of the Subject Property. The City and the Developer agree that the City will collect the park and trail fees at the time the City approves a Secondary Development Agreement for a Phase or at such later time as established in the City's Zoning Ordinance, which fees the Developer may offset dollar -for -dollar using the credits established pursuant to this Agreement. Contemporaneously with the Developer's conveyance of the Parkland to the City, the City shall give Developer a credit of $ ,3.000,000.00, which credit "Initial Credit") the Developer may apply towards the payment of park and trail fees due under the RTC Controls in connection with the development of subsequent Phases. The Developer may convey the Parkland to the City at any time, but no later than the time established in Section 4.11 of the Master Agreement. If the Developer conveys the Parkland to the City before the Developer completes all the improvements required by the Parkland and Trail Plan, the Developer agrees not to permit any mechanic's liens to attach to the Parkland in comlection with the performance of the Developer's work and the Developer shall have the right to reserve non- exclusive access and construction easements to enter upon the Parkland to complete such improvements, which easements shall continue until the Developer has completed all of the improvements the Developer is obligated to complete pursuant to the Parkland and Trail Plan. Upon the Developer's completion of each Parkland Phase, the Developer is entitled to an additional credit against future park and trail fees due and payable in connection with the development of subsequent Phases. Attached hereto as Exhibit C is a schedule setting forth the amount of the park and trail fee credit due to the Developer in connection with the Developer's completion of each Parkland Phase (each, an "Applicable Parkland Credit"). 1639311v1 3