Developer Contribution. Within thirty (30) days upon full execution of this Agreement, the Developer shall deposit with the City $281,448 (the “Developer Facility Fee Amount”) to be used by the City to make road improvements by installing a roundabout at the Project location. In the alternative, the Developer may deliver to the City an irrevocable letter of credit in the amount of the Developer Facility Fee Amount, issued by a bank or institution acceptable to the City (the “LOC”) within thirty (30) days of notice from the City of Project commencement. The financial institution must be chartered by the State of Tennessee with an office or branch authorized to accept a demand or “call” on the securing document within fifty (5) miles of Spring Hill, TN. The amount of the Developer’s contribution is based on the number of units x the Impact Fee amount per unit. The fee for Southaven II is calculated as follows: 108 units x $2,606/unit = $281,448
Appears in 1 contract
Developer Contribution. Within thirty (30) days upon full execution of this Agreement, the Developer shall deposit with the City $281,448 575,926 (the “Developer Facility Fee Amount”) to be used by the City to make road improvements by installing a roundabout at the Project location. In the alternative, the Developer may deliver to the City an irrevocable letter of credit in the amount of the Developer Facility Fee Amount, issued by a bank or institution acceptable to the City (the “LOC”) within thirty (30) days of notice from the City of Project commencement. The financial institution must be chartered by the State of Tennessee with an office or branch authorized to accept a demand or “call” on the securing document within fifty (5) miles of Spring Hill, TN. The amount of the Developer’s contribution is based on the number of units x the Impact Fee amount per unit. The fee for Southaven II ▇▇▇▇▇▇ ▇▇▇▇ is calculated as follows: 108 221 units x $2,606/unit = $281,448575,926
Appears in 1 contract