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Site Storm �Vater: <br />Site runoff due to the added impervious surface of the development must be constructed and/or <br />installed by the developer with detention ponding, rain gardens or other site detention methods. <br />Approvals are required by the Rice Creek Watershed District and the City Engineering <br />Department. <br />All innovative efforts should be addressed to provide the maximum green space and/or use of <br />water retention ponding as an amenity. Aeration of ponding with fountains in encouraged. A <br />fenced water retention pond will not be acceptable. <br />Financial and Other Responsibilities: <br />Financing: <br />The developer will obtain the necessary private fmancing for its responsibilities provided in their <br />development proposal. <br />Permit: <br />The developer will pay the normal permit fees, utility access fees and obtain necessary building <br />and other permits for the construction of the development site. <br />Park Dedication: <br />The developer will dedicate in lieu of park dedication fees to the City all public park areas as <br />identified on the site plan. The developer will provide park improvements (and/or equivalent <br />payment) to meet city improvement standards for a neighborhood park as proposed in the <br />Concept RFP. <br />Tax Increment Financing: <br />The City and Developer may review the use of tax increment financing to construct eligible <br />public infrastructure improvements associated with the development site. The developer makes <br />no claim to the TIP proceeds and agrees that tax increment generated from the improvements of <br />the development site may be used for the project purposes or other purposes as agreed upon by <br />the City Council and consistent with city and state TIP guidelines and standards. <br />Agreement: <br />This Memorandum of Understanding is not intended to be a purchase agreement, or other <br />binding agreement, or evidence of such an agreement. This Memorandum of Understanding <br />constitutes only a summary of the key elements of the proposed transaction. It does not contain <br />all matters upon which agreement must be reached in the definitive purchase agreement and <br />other related agreements. Any obligation on either party's part to proceed with the proposed <br />transaction will only arise from the negotiation and execution of a definitive purchase agreement <br />