Common use of Oversizing Clause in Contracts

Oversizing. The Parties acknowledge that the Facilities, utilities and other improvements necessary to facilitate the Project also benefit property which may be located outside of the boundaries of the Urban Renewal Plan, and/or the BID. As such, the City, CSU and the Authority agree that they will work with the BID and the Master Developer to establish and implement cost recovery from benefitted properties on a pro rata basis. The Parties agree that nothing in this Agreement is intended to require that the Parties create a new rule, regulation or process to accomplish this. Rather, the Parties believe that each has certain existing authority under the Regulations, and agree that, within such authority, the Parties will cooperate to seek cost reimbursement to the Party who paid the cost where appropriate. With respect to the Authority, the Parties acknowledge that the Authority has no source of revenue other than incremental tax revenues created pursuant to an urban renewal plan approved by the City, and that its ability to obtain contributions to offset the benefits of the Facilities received by benefitted properties is contingent upon the approval by the City of one or more new urban renewal plans which include benefitted properties.