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E. Park Dedication <br /> <br /> 1. The approved development plan for PUD-83-8 shows <br /> 2.26 acres of park land within the project as a portion of an <br /> approximately five acre park site. <br /> <br /> 2. On January 1, 1988 or such earlier date as the City <br />and Developer may mutually agree, the Developer shall <br />dedicate the approximately 2.18 acres of park land shown on <br />PUD-83-8 to the City. <br /> <br /> 3. Pursuant to requirements of the City's subdivision <br />ordinance, 2.18 acres of park land dedication would meet the <br />Developer's dedication requirements for 113 single-family <br />homes. <br /> <br /> 4. For the first 113 single-family units authorized by <br />this Agreement, the Developer would not be required to pay <br />park fees in lieu of dedication. For the remaining 127 <br />units, Developer would be required to pay the then existing <br />park fee in lieu of dedication in accordance with Condition <br />49 of PUD-83-8. The park fees due on the final 127 units, if <br />prorated over all 243 remaining units would be equal to <br /> <br />approximately $600 per unit. For simplicity of <br /> <br />administration, Developer and City agree that each of the <br />remaining 243 dwelling units shall pay the prorated park fee <br />of $600 per dwelling unit. <br /> <br /> - 7 - <br /> <br /> <br />