Common use of Parkland and Open Space Clause in Contracts

Parkland and Open Space. a. The City’s parkland dedication and parkland improvement requirements will be satisfied through the following fee-in-lieu and no additional requirements will be imposed on the Project. The Developer will pay the following for each single- family or multi-family dwelling unit: $500 per unit (parkland dedication fee) + $800 per unit (parkland improvement fee) = $1,300 per unit, for an estimated minimum total sum of $629,200 (based on 484 units X $1,300). If more than 484 single-family units are developed or if the Commercial Tract is developed with multifamily units, those units will also be subject to the applicable fee-in-lieu calculations set forth above. These sums will constitute the Parkland Improvement Fund. b. The Parkland Improvement Fund will be held in escrow by the City in an interest bearing account and used solely as provided in this Subsection. The City will use the Parkland Improvement Fund to reimburse the Developer for improvements to public parkland and/or open space within the Property, including construction of a playground, multipurpose lawns, trail amenities, and a disc golf course along Garlic Creek. Construction of required trails (except as otherwise provided in Paragraph 11), batch detention ponds, and amenities on the HOA Amenity Site will not be eligible for Parkland Improvement Fund reimbursement. As a condition for reimbursement, all improvements must be approved by the City both prior to design and prior to construction. Park improvements will be constructed in phases, as the adjacent land is developed. All requests for reimbursement from the Parkland Improvement Fund must be accompanied by invoices and/or other appropriate proof of payment, and will be subject to audit by the City. Any sum remaining in the Parkland Improvement Fund after development of all park improvements contemplated hereunder and City acceptance of all public improvements within the Project, those sums will be released to the City for use for parkland expenditures in accordance with applicable law. c. Public open spaces will, at the City’s discretion, either be dedicated to the City as parkland or overlaid with a dedicated permanent public access easement. Landscape lots and signage lots will count as open space but will not be dedicated to the City and will be owned and maintained by the HOA. Unless otherwise agreed by the Developer and the City, all parkland within the Property that is to be dedicated to the City will be dedicated in parcels as the adjacent land is final platted. d. In consideration of the private amenity park, including the related amenity center, the public park land, open space, greenbelts, trails and improvements to be constructed, installed and provided by the Developer and the funding of the Parkland Improvement Fund by the Developer through fees-in lieu, no additional dedication of park land, provision of park improvements or payment of park- related fees will be required from the Developer for the Property.