Common use of Granting of Park Site and Development of the Park Clause in Contracts

Granting of Park Site and Development of the Park. Section 5.3.1.1 of the Agreement is hereby replaced in its entirety with the following: “Owner shall grant two (2) acres of the Property (the “Park Site”) to the City in a permanent easement for public usage and shall develop a highly amenitized, “turnkey” park (the “Park”) on the Park Site, as described in this Agreement, to the satisfaction of the Director of Development Services. The Park shall generally be located as depicted in Exhibit “B,” with the final location subject to City approval. In order to create an extraordinary public space, the Park shall generally consist of the elements described in Exhibit “E” to this Agreement. Owner shall invest substantially more to the development and granting of the Park than would be typical for a City standard park, up to and including the value equivalent to the dedication and improvement required to achieve the Owner’s Baseline Park Obligations. Owner shall commence construction of the Park prior to the issuance of the five hundred thirtieth (530th) residential building permit and substantially complete the Park within fifteen (15) months of commencement of construction.”