Common use of Payments to Developer Clause in Contracts

Payments to Developer. 23.1 Each time a Recoupment Contribution is paid to the Council, the Council is to deposit an amount equal to the amount of that contribution, plus any interest earned by Council on that contribution into the Council’s trust fund referred to in s411 of the Local Government Act 1993 in an account styled GDC Recoupment Contributions – Googong Development (Recoupment Trust Fund). 23.2 Within 14 days of the Council providing its consent, pursuant to clause 24.3.2, to a notice issued by the Developer pursuant to clause 24.3.1, if the Developer has provided Contribution Items with a combined Contribution Value and Phase Value (Item Value) in excess of the Contribution Obligation at the date of the notice, then Council will pay the Recoupment Contributions held in the Recoupment Trust Fund to the Developer. 23.3 The Council is not obliged to pay Recoupment Contributions to the Developer pursuant to clause 23.2 which would result in the amount paid to the Developer, when added to the Contribution Obligation at the date of the notice referred to in clause 23.2, exceeding the Item Value at the date of that notice. 23.4 Once the sum of the payments made to the Developer under this clause (not including any interest earned on Recoupment Contributions by the Council) equals the Surplus Value, the Council has no further obligation to make any payments under this clause. 23.5 For the purposes of s7.11(3) and s7.12(3) of the Act, the Parties agree that immediately prior to the imposition of a condition pursuant to s7.11 or s7.12 of the Act on a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution. 23.6 The Parties further agree that immediately prior to the imposition of a pre- condition to the issuing of a certificate of compliance pursuant to s306 of the Water Management Act 2000 in relation to a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution. 23.7 The Parties further agree that immediately prior to the imposition of any other requirement to pay a Recoupment Contribution on an Other Developer, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution. 23.8 For the avoidance of doubt, nothing in this Agreement imposes any obligation on the Council to make any payments to the Developer over and above the Recoupment Contributions actually received by the Council from Other Developers. 23.9 The Council acknowledges that the Developer intends to fund Stage 1 of the Old Cooma Road Works, which form part of the Offsite Local Roads, in advance of the time by which contributions towards the Offsite Local Roads are required under this Agreement, in order to facilitate the early completion of those works by Council. 23.10 The Council must ensure that Offsite Roads Contributions are only used for the purpose for which they are provided by the Developer under this Agreement. 23.11 Within 60 days of the end of the Defects Liability Period for an Offsite Road Work, the Council must notify the Developer of the cost to the Council of the construction of that Offsite Road Work. 23.12 If the Developer’s share of the actual cost of the construction of an Offsite Road Work is less than the Developer’s share of the estimated cost for that Offsite Road Work as noted in Column 4 of Schedule 1, then: 23.12.1 the Offsite Roads Contributions which the Developer is required to pay are reduced by the difference between those two amounts (Cost Difference); and 23.12.2 if the Developer has already provided Offsite Roads Contributions in an amount greater than the actual cost of the construction of all Offsite Road Works which have been completed, then within 60 days of the end of the Defects Liability Period for the Offsite Road Work, Council will refund to the Developer an amount equal to the Cost Difference. 23.13 At the end of all of the Defects Liability Periods for the Offsite Local Roads, Council is to refund to the Developer any unapplied balance of the Offsite Roads Contributions held by Council including any interest earned, within 28 days of demand by the Developer.

Payments to Developer. 23.1 Each time a Recoupment Contribution is paid to the Council, the Council is to deposit an amount equal to the amount of that contribution, plus any interest earned by Council on that contribution into the Council’s trust fund referred to in s411 of the Local Government Act 1993 in an account styled GDC Recoupment Contributions – Googong Development (Recoupment Trust Fund). 23.2 Within 14 days of the Council providing its consent, pursuant to clause 24.3.2, to a notice issued by the Developer pursuant to clause 24.3.1, if the Developer has provided Contribution Items with a combined Contribution Value and Phase Value (Item Value) in excess of the Contribution Obligation at the date of the notice, then Council will pay the Recoupment Contributions held in the Recoupment Trust Fund to the Developer. 23.3 The Council is not obliged to pay Recoupment Contributions to the Developer pursuant to clause 23.2 which would result in the amount paid to the Developer, when added to the Contribution Obligation at the date of the notice referred to in clause 23.2, exceeding the Item Value at the date of that notice. 23.4 Once the sum of the payments made to the Developer under this clause (not including any interest earned on Recoupment Contributions by the Council) equals the Surplus Value, the Council has no further obligation to make any payments under this clause. 23.5 For the purposes of s7.11(3s94(3) and s7.12(3s94A(3) of the Act, the Parties agree that immediately prior to the imposition of a condition pursuant to s7.11 s94 or s7.12 s94A of the Act on a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution. 23.6 The Parties further agree that immediately prior to the imposition of a pre- condition to the issuing of a certificate of compliance pursuant to s306 of the Water Management Act 2000 ▇▇▇ ▇▇▇▇ in relation to a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution. 23.7 The Parties further agree that immediately prior to the imposition of any other requirement to pay a Recoupment Contribution on an Other Developer, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution. 23.8 For the avoidance of doubt, nothing in this Agreement imposes any obligation on the Council to make any payments to the Developer over and above the Recoupment Contributions actually received by the Council from Other Developers. 23.9 The Council acknowledges that the Developer intends to fund Stage 1 of the Old Cooma Road Works, which form part of the Offsite Local Roads, in advance of the time by which contributions towards the Offsite Local Roads are required under this Agreement, in order to facilitate the early completion of those works by Council. 23.10 The Council must ensure that Offsite Roads Contributions are only used for the purpose for which they are provided by the Developer under this Agreement. 23.11 Within 60 days of the end of the Defects Liability Period for an Offsite Road Work, the Council must notify the Developer of the cost to the Council of the construction of that Offsite Road Work. 23.12 If the Developer’s share of the actual cost of the construction of an Offsite Road Work is less than the Developer’s share of the estimated cost for that Offsite Road Work as noted in Column 4 of Schedule 1, then: 23.12.1 the Offsite Roads Contributions which the Developer is required to pay are reduced by the difference between those two amounts (Cost Difference); and 23.12.2 if the Developer has already provided Offsite Roads Contributions in an amount greater than the actual cost of the construction of all Offsite Road Works which have been completed, then within 60 days of the end of the Defects Liability Period for the Offsite Road Work, Council will refund to the Developer an amount equal to the Cost Difference. 23.13 At the end of all of the Defects Liability Periods for the Offsite Local Roads, Council is to refund to the Developer any unapplied balance of the Offsite Roads Contributions held by Council including any interest earned, within 28 days of demand by the Developer.