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2022-05-25 CC Packet
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2022-05-25 CC Packet
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A.The future construction of public improvements contemplated by the Planned Unit <br />Development and Conditional Use Permit(s) shall be governed in the same manner <br />as Public Improvements and Development Plans as set forth in Section 5 and 6 of <br />this Agreement. <br />B.Funds held in escrow pursuant to this Section of the Agreement are separate and <br />divisible from other funds held as Security pursuant to this Agreement. However, <br />funds held in escrow pursuant to this Section shall be governed and used in the <br />same manner as Security defined in Section 19 of this Agreement and as used <br />elsewhere in the Agreement. <br />C.Owner shall deposit $650,000 into escrow with the City. These funds are the <br />Owner’s contribution towards transportation related improvements in the vicinity <br />of the Land and shall be used for the purposes set forth in Section 26. These <br />improvements include but are not limited to those improvements suggested in the <br />Owner’s traffic study. These improvements must be identified within 10 years and <br />constructed within 15 years. <br />D.Owner shall donate $85,000.00 to the City’s Park Dedication Fund in lieu of <br />constructing an eight-foot-wide bituminous trail. The City will accept this donation <br />instead of requiring the immediate construction of the trail due to the complex <br />nature of deciding whether this location and routing is appropriate. This <br />contribution shall be in addition to the Park Dedication fee payment set forth in <br />Section 21. The donation does not obligate the city to build the trail at any time, nor <br />is there a sunset date on these funds, after which the City would return these funds. <br />DEVELOPMENT & SUBDIVISION AGREEMENT <br />CENTERVILLE AND BANJO <br />Draft Version 05/20/2022v3 – for Council Packet- Page 18 <br /> <br />
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