Park Impact Fee Credits Sample Clauses

Park Impact Fee Credits. As more fully described in Exhibit J, the total amount of Park Impact Fees as of the Effective Date calculated based on an assumed 131 unit Project is $1,400,197; the agreed upon credit amount to be applied towards the Park Impact Fees in consideration of the Developer In Kind Contributions and, in particular, the Bay Trail Improvements and Trail Easement, and Developer’s and its successors ongoing maintenance commitments is $700,000; and the net amount of the Park Impact Fees per residential unit (“Net Per Unit Park Impact Fee”) as of the Effective Date is $5,345.02 per residential unit (or $700,197 in total based on a Project of 131 units). The foregoing Net Per Unit Park Impact Fee amount shall be increased on January 1, 2019, and on January 1st of each year thereafter during the Term by the escalator amount shown on Exhibit J or in the absence of a built in escalator rate, the Default Escalator. The Net Per Unit Park Impact Fee shall be paid in full by Developer at the time of building permit issuance for each residential unit.‌
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Related to Park Impact Fee Credits

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