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13. <br /> <br />14. <br /> <br />t5. <br /> <br />Section 4.4(a) of the Master Agreement is hereby amended by replacing the reference to <br />the "Phase I Parking Ramp'~ therein with a reference to the "Parking Improvements." <br /> <br />Section 4.11 of the Master Agreement is hereby amended by deleting therefrom the <br />following language: <br /> <br />For a period of 90 days following the Council's approval of this Master <br />Agreement, the City and the Developer will attempt to a~'ee on a Parkland.. <br />and Trail Plan which defines any additional land which the Developer will <br />convey or dedicate to the City for park purposes and sets forth the timing <br />and terms and conditions of any such conveyance or dedication; describes, <br />in detail, the improvements which the Developer is obligated to make to <br />the Parkland and to any other land the Developer agrees to convey or <br />dedicate to the City for park purposes (the "Parkland Improvements"); <br />establishes a schedule for the Developer's commencement and completion <br />of the Parkland Improvements; describes the security, if any, which the <br />Developer must provide to the City to secure the Developer's performance <br />of its obligation to construct the P'arkland Improvements; and defines the <br />timing of the Developer's obligation to deliver such security, if any; to the <br />City. <br /> <br />~[n consideration for the City's Agreement to delete Section 4.18 fi'om the Master <br />Agreement pursuant to Section 16 below, the Developer hereby agrees to amend Section <br />4.12 by adding the following language at the end thereof: <br /> <br />In addition, the Developer agrees to pay the City the sum of Two Million Dollars <br />($2,000,000.00) (the "Park Payment Obligation") to assist the City in constructing <br />the enhanced level of public park improvements contemplated within the Core <br />Area. Each time the Developer sells or otherwise conveys a portion of the Unsold <br />Subject Property, the Developer must pay to the City, for application to the Park <br />Payment Obligation: <br /> <br />(a) if the property sold or otherwise conveyed is zoned for residential use, an <br />amount equal to $750.00 tilnea the number of "residential units", as defined in this <br />Section 15, that the City's Zoning Code would allow to be constructed on the <br />property sold or otherwise conveyed; and <br /> <br />(b) if the property sold or otherwise conveyed is zoned for any non-residential <br />use, $5,000.00 for each acre of property sold or othe~wvise conveyed. <br /> <br />For purposes of this Section 4.12, a "residential unit" is any residential rental unit, <br />residential unit in a common interest community or detached single family <br />dwelling. The City will calculate the payment due based on the number of acres <br />sold multiplied by the allowable housing densities within the property under the <br />City's Zoning Ordinance. With respect to commercial property, the $5,000.00 per <br />acre payment shall be pro rated to account for any partial acres sold. <br />Notwithstanding anything else in this Section 4.12, the Developer must pay to the <br /> <br />1710652v2 <br /> <br />4 <br /> <br /> <br />