Common use of Development Contributions Clause in Contracts

Development Contributions. (a) The Developer undertakes to provide the Development Contribution to Council in the manner set out in the table below: Construction Phase $150,000.00 Payable within 3 months from the date the Developer receives notice that the Accommodation and Employment Strategy has been approved pursuant to condition 32 of the Development Consent. Operations Phase $150,000.00 per annum (as adjusted for CPI in accordance with this Schedule 3) Commencing with an initial payment on the Commercial Operation Commencement Date and then on each anniversary of the Commercial Operation Commencement Date until the Commercial Operation End Date, subject to clause 2 of this Schedule 3 (b) The Contribution Amount must be paid by way of bank cheque in favour of Council or by deposit by means of electronic funds transfer into an account specified by Council in writing. (c) For the second and all subsequent Contribution Amounts made during the Operations Phase identified in clause 1 of this Schedule 3, the annual Contribution Amount will be adjusted by CPI in accordance with clause 1(d) of this Schedule 3. (d) The second and all subsequent Contribution Amounts payable by the Developer under this Agreement after the occurrence of a CPI Adjustment Date is to be adjusted by multiplying the previous Contribution Amount payable (as previously adjusted in accordance with this clause, where relevant) by an amount equal to the Current CPI divided by the Base CPI.

Development Contributions. (a) The Developer undertakes to provide the Development Contribution to Council in the manner set out in the table below: Construction Phase $150,000.00 Payable within 3 months from the date the Developer receives notice that the Accommodation and Employment Strategy has been approved pursuant to condition 32 of the Development Consent. . Operations Phase $150,000.00 per annum (as adjusted for CPI in accordance with this Schedule 3) Commencing with an initial payment on the Commercial Operation Commencement Date and then on each anniversary of the Commercial Operation Commencement Date until the Commercial Operation End Date, subject to clause 2 of this Schedule 3 (b) The Contribution Amount must be paid by way of bank cheque in favour of Council or by deposit by means of electronic funds transfer into an account specified by Council in writing. (c) For the second and all subsequent Contribution Amounts made during the Operations Phase identified in clause 1 of this Schedule 3, the annual Contribution Amount will be adjusted by CPI in accordance with clause 1(d) of this Schedule 3. (d) The second and all subsequent Contribution Amounts payable by the Developer under this Agreement after the occurrence of a CPI Adjustment Date is to be adjusted by multiplying the previous Contribution Amount payable (as previously adjusted in accordance with this clause, where relevant) by an amount equal to the Current CPI divided by the Base CPI.