Common use of Park Improvements Clause in Contracts

Park Improvements. The City would coordinate with the Developer and the City’s Park Board and obtain public comment on the design of the Park improvements and enhancements. In addition, the City would discuss with Developer the acquisition, from the Developer or other current owner, one or more buildings immediately east of the Park at a mutually agreeable price, and after such acquisition, the demolishment of such structure(s) for additional Park expansion. Costs for acquisition, demolition and Park improvements and enhancements would be financed by tax increment revenues generated within the TIF District from increased valuation in the District from the Project and potential other development. The Park would be owned and operated by the City with Developer’s ability to provide funds to enhance the improvements and operations.