ORD 1815A - Laserfiche WebLink

providing notice to purchasers and prospective purchasers of residential parcels within the Project of the potential uses of the Public Parcel. (h) City agrees that it shall accept dedication of the Public Parcel. City shall maintain at its sole expense, without creation of an assessment district affecting solely those owners of property within the Project, any of the Public Parcel which is dedicated to or otherwise acquired by City under the Project Approvals. Failure of the City to accept dedication of the land referred to in this Section 3.3 for any reason shall not be deemed a breach of any condition or covenant on the part of Property Owner set forth in the Initial Project Approvals. (i) If City at anytime within 15 years from the Effective Date proposes to sell or lease any portion of the Public Parcel for a non-public use, Le., any use other than those uses specified in Exhibit "F" attached hereto and incorporated herein by reference ("Non-Public Use"), the provisions of Exhibit "G", attached hereto and incorporated herein by reference, shall govern Property Owner's right of first refusal to purchasellease said portion. If Property Owner exercises its right of first refusal to purchase or lease any portion of the Public Parcel in accordance with the provisions of Exhibit G, Property Owner shall only be required to pay 75% of the consideration that is due City in accordance with the provisions of Exhibit G. In the event City or its successor(s) at any time within fifteen years from the Effective Date sells or leases any portion of the Public Parcel for a Non-Public Use to a person other then Property Owner, Property Owner will be paid 75% of the net sale price or rent, i.e., net of brokerage fees and closing costs. (j) Recognizing City's desire to develop a community park within the Public Parcel, Property Owner hereby agrees that an area of approximately 50 acres located generally south of Bernal A venue, west of the Fairgrounds ditch and west of the Union Pacific Railroad right-of-way shall be conveyed by Property Owner to City, subject to the reservations set forth in Section 3.3(d) above, immediately following annexation and the earlier to occur of (i) the recordation of a Final Map on the Western Area and a Final Map on the Central Area or (ii) within thirty (30) days of the time when master plan drawings of the community park are in a state of completion substantially similar to the master plan drawings of the Val Vista Park plans approved by the City Council on July 18, 2000; provided, however, if Property Owner is delinquent with respect to any item reflected on the Master Map/Building Permit Schedule for which Property Owner is responsible, by more than sixty (60) days, then the conditions of subparagraph (i) shall be deemed to be waived; provided, further however, such waiver shall not be deemed to be effective if Property Owner has, on or before the expiration of any such sixty (60) day period, initiated and is diligently pursuing the procedures set forth in Section 5,6 and/or 5.5 below, 3.4 Park Fees, The parties have agreed that Property Owner will receive park fee credit in the amount of Six Hundred Fifty Thousand Dollars ($650,000) for dedication and improvement of the five acre neighborhood park located in the Western Area. The Six Hundred Fifty Thousand Dollars ($650,000) figure is based on a projected cost of One Hundred Thirty Thousand Dollars ($130,000) per acre for design, engineering, construction and development of the park, Should the cost of design, engineering, construction and development of the neighborhood park exceed Six Hundred Fifty Thousand Dollars ($650,000), any excess shall be deducted from the "Final Park Fee Payment" (as defined below), Property Owner will pay City 356901849375v14 - 13- 08l2S1OO